Barclays CEO Staley grabs control of investment bank, ousts Throsby

LONDON - Barclays chief executive Jes Staley took direct control of its under-pressure investment bank on Wednesday, ousting the head of the business Tim Throsby in a surprise shake-up as he battles an activist investor.

“We need a more granular execution focus on the businesses within the CIB if we are to drive those returns, in a reasonable timeframe, towards and above that cost of capital,” said Staley. Barclays hired Throsby, who like Staley came from JP Morgan, in September 2016 after a six-month search for the vital job overseeing the bank’s trading and advisory businesses.

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