BROWSE BY TOPIC
Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
Barclays CEO Jes Staley Gets Spoofed
[Photo: Bloomberg News]
On Wednesday evening, Barclays Chairman John McFarlane exchanged emails with Barclays CEO Jes Staley. Except it wasn’t Chairman McFarlane who wrote those emails – it was a prankster posing as the Chairman – and the prankster subsequently shared the entire thread of emails with The Financial Times. In doing so, he told the newspaper that the email was part of his “battle with Barclays” over a customer issue.
Earlier that day, the pair – McFarlane and Staley - had weathered a stormy annual shareholders meeting, where Staley was sharply criticized for his well-publicized efforts to unmask a bank whistleblower. The Chairman came to Staley’s defense and helped Staley win reelection as Chief Executive for another year.
Perhaps Staley should have been suspicious of the email letter(s). The prankster sent the emails using a Gmail account (firstname.lastname@example.org) and a subject line that read: “The fool doth think he is wise.” However, Staley readily accepted the email and was quicker to respond, given the enormous support he had received from Chairman McFarlane - an individual with a reputation for ousting chief executives.
The initial email referred to Michael Mason-Mahon, an individual shareholder who called for Mr. Staley to resign at Wednesday’s annual meeting, “as brusque as he is ill informed” and went on to reassure Staley that together they had successfully seen off any attempt to force Mr. Staley out.
“Surely the fickleminded nature of the angry few will help tie up any loose ends,” the short email concluded. “You owe me a large Scotch.”
Staley responded "in effusive terms," the FT said, likely because of McFarlane's reputation for ousting chief executives. "You have a sense of what is right, and you have a sense of theatre," wrote Staley. "You mix humor with grit."
[For a read of the full thread of emails - verified by the Financial Times as genuine, click on ‘The fool doth think he is wise’. Otherwise, go to the link below.]