Jes Staley describes challenge as ‘wholly manageable’ and less costly than other problems the bank has encountered

The chief executive of Barclays has said he sees no reason to shift British jobs to Europe as a result of Brexit and described the restructuring required as straightforward compared with other challenges faced by the bank.

Jes Staley said Brexit would be “a wholly manageable challenge” and “significantly less costly” than other problems the bank had encountered.

Preparing for Brexit, Staley said, was not as complex as setting up a US holding company, as required by the US authorities last year, or preparing to ring-fence Barclays’ high street bank from its risky investment banking arm by 2019.

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His remarks contrast with those of rivals such as Deutsche Bank which has warned 4,000 roles could go from London, while US bank JP Morgan is preparing to move up to 1,000 bankers out of the City to Dublin, Frankfurt and Luxembourg.

Goldman Sachs, despite continuing to build a new headquarters in London, has said it will need more people in Madrid, Milan, Paris and other cities in the EU.

Speaking at Barclays’ annual shareholder meeting in London, Staley said retaining the single market for financial services that currently exists within the EU remained the best option for the UK and EU economy.



He said the bank was prepared for any outcome, and that the bank had “multiple choices” on how it would continue to serve its customers and clients, regardless of the final deal.

He added: “I have to say that compared to the complexity of standing up our US intermediate holding company, as we did on 1 July last year, let alone establishing a ringfenced bank in the UK from scratch, as we are currently doing, any of the options we might need to pursue are by comparison straightforward, and significantly less costly.”

Staley continued: “Finally, we do not currently see a need in our options to shift British jobs or significant operations elsewhere. If we require a buildup of capability in another European Union jurisdiction as part of our plans then we can do so, and we will.”

Barclays has previously suggested its Dublin office could become more important after Brexit and it is thought that the bank will hire more staff in Ireland.

At the meeting shareholders raised questions about an investigation into Staley’s attempts to unmask a whistleblower and one investor called on the American banker to resign.

Another asked what he had intended to do if had been successful in his attempts to uncover the identity of the individual who made allegations about the previous conduct of Tim Main, who worked with Staley at JP Morgan and who Staley recruited to Barclays in a senior role last June.

Staley made two attempts to discover the identity of the individual making the allegations and began the meeting by apologising to shareholders for his actions, which he now says were a mistake.

Both the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority are investigating the matter. Barclays has formally reprimanded Staley and insisted that there will be a significant reduction in his bonus, which was £1.4m last year.

John McFarlane, the Barclays chairman, repeatedly defended the chief executive who he hired in 2015 after forcing out previous chief executive Antony Jenkins.



McFarlane said Staley did not need to go. “I don’t believe that was the just action for what actually happened,” the chairman said.

On the second occasion that Staley tried to discover the whistleblower’s identity, McFarlane said “he thought he had a green light. He went through the light and it actually it was red.

“The action for going through red light wrongly is you don’t lose your licence.”

McFarlane told the shareholder concerned about Staley’s intentions if he had found the whistleblower: “All he wanted to do and stop them sending the letters.”

Shareholders have being advised to abstain from the annual vote to re-elect Staley to the board by ISS, an influential adviser to major investors.