It is a measure of the strange world in which banks and their chief executives operate that this morning’s news that the head of Barclays is to be fined by two UK regulators looks somehow like a good result.
Good for the firm, in that no institutional failure has been identified that would warrant punishment. And good again in that it saves Barclays (for now) from the upheaval of another change at the top.
Good for Jes Staley, the chief executive in question, in that he keeps his job.
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