Barclays share price picks up on the news new chief executive Jes Staley has bought 2.8 million shares
Barclays' new chief executive, Jes Staley, has spent £6.5m buying shares in the lender.
The former JP Morgan investment banker bought 2,790,000 ordinary shares for 233p each, the lowest price the shares have traded at since January.
Shares dropped as low as 229.3p this morning but have now picked up, hovering around 231p, down 0.1 per cent.
Last week, Barclays reported a 10 per cent fall in adjusted pre-tax profit to £1.43bn for the third quarter, from £1.85bn last quarter and £1.59bn for the same period a year ago, missing analysts' expectations.
Chairman John McFarlane has been acting chief executive since former boss Antony Jenkins was fired in July. Staley will take up the position officially on 1 December. He is currently at hedge fund Blue Mountain Capital Management.
Staley said:
We will be committed to preserving and enhancing the trust that is the foundation of Barclays’ reputation. Stability and long-term orientation are cornerstones for this great institution.
Barclays has a policy that directors should own shares worth four times their salaries, and Staley has now met this requirement, as his salary is £1.2m. However bonuses and pension allowances bring the total package to nearer £10m, including almost £2m to recompose him for shares in JP Morgan he will lose.