What is difficult to understand is the lack of action by the Barclays board and, in particular, successive chairmen as a terrible scandal played out.
Jes Staley deserves to be punished for misleading the Barclays board and the City enforcer the Financial Conduct Authority over his relationship with sex offender Jeffrey Epstein.
What is difficult to understand is the lack of action by the Barclays board and, in particular, successive chairmen as a terrible scandal played out. The financial performance was strong enough to defeat efforts by New York-based activist Ed Bramson to force Barclays out of investment banking. As chief economist at the Bank of England, Andy Haldane often found himself of the wrong side of a monetary policy committee where former Treasury mandarins have been dominant voices.
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