Barclays AGM: Boss Jes Staley apologises to shareholders for whistleblowing scandal and plays down Brexit concerns

Barclays chief executive Jes Staley today kicked off the bank’s annual general meeting (AGM) with an apology over his attempts to identify a whistleblower.

“I made a mistake in becoming involved in an issue which I should have left with the business to deal with. I have apologised to the board, and I would today like to apologise to you as well for that error,” he told investors.

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Staley is expected to come under pressure at the AGM after the bank announced last month that the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will launch a probe into his conduct after he attempted to identify the author of a letter raising concerns about a senior employee in 2016.

Staley also spoke about the impact of Brexit on the bank, saying: “We do not currently see a need in our options to shift British jobs or significant operations elsewhere. If we require a build-up of capability in another European Union jurisdiction as part of our plans then we can do so and we will.”

He also played down the difficulty of dealing with Brexit and a loss of passporting.

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“The first thing to say is that we see this as a wholly manageable challenge,” he said. “Our investment banking activities in Europe are certainly important to Barclays and to our strategy, and we’re committed to remaining a strong participant in that marketplace.

“To be clear, we believe that the value of the single market for financial services in Europe with full participation from banks based in the UK remains the best option for the UK economy and the best option for the European Union economy. Nevertheless, we recognise that there are a range of possible outcomes in the negotiations over the next 23 months.”