Jes StaleyREUTERS/Yuri GripasJames 'Jes' Staley is the new CEO of Barclays.
Barclays just confirmed that hedge fund executive James 'Jes' Staley is the bank's new CEO after two weeks of speculation.
The group said in a regulatory statement that Staley will start his new job from December 1, 2015.
He will receive an annual salary of £1.2 million and an extra £1.15 million delivered in shares subject to a holding period with restrictions lifting over five years as well as a cash allowance in lieu of pension of 33% of his salary – known as role-based pay.
Staley will also receive cash to help relocate him from the US to the UK.
His bonus includes a discretionary incentive award up to a maximum value of 80% of fixed pay and an award under the Barclays Long Term Incentive Programme up to a maximum value at grant of 120% of fixed pay.
On top of that Barclays will give Staley £1.93 million in share awards because he forfeited this amount of shares from one of his previous employers, JPMorgan, when he took up the CEO role at Barclays.
Barclays Chairman John McFarlane said (emphasis ours):
Barclays is an incredibly important, broad and complex business. Appointing an individual with the business scope, seasoning and track record is a difficult challenge.
In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the Group forward strategically. In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities. After an extended process, I now know Jes well, and we are in agreement on the way forward.
He is a man of enormous integrity, and someone who both understands the business, but also the importance of cultural reform and the need to conduct our business in a way that we can all be proud of. I look forward to working with him in what will be an exciting and important period for our company as we seek to accelerate the delivery of improved shareholder returns.
Staley is a hedge fund manager at the US-based BlueMountain Capital. Two years before that he was the CEO of JPMorgan's investment banking and asset-management unit. He oversaw the bank's "expansion into alternative investments" and earned huge sums even during the credit crisis, when his bank had to use some of the US government's temporary bailout funds.
Even in 2007, he earned a salary of $400,000 (£260,311) and a total compensation of $16.7 million (£10.9 million) for just one year.
He is the polar opposite of his predecessor Antony Jenkins who came from a retail banking background.

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