Bank to remain in London.
Barclays is the world’s biggest underwriter of European government bonds and it seemed to many watchers that it might be difficult to continue that activity outside the European single market.
Mr Staley said he believed that changes in the legal structure of the bank – by opening a German branch of its Dublin operations for example – would be enough to satisfy European and UK regulators and be in the interests of European governments.
He was upbeat about the prospects for banks in general. saying that the prospect of stronger economic growth in the US under Donald Trump and an associated rise in interest rates would boost bank profitability.
The bank still has an unfinished battle with US legal authorities after it balked at demands from the Department of Justice to pay what it considered unreasonable fines for its role in the subprime mortgage crisis.
It is choosing instead to fight the US government in court. Mr Staley insisted that the change in administration (and a new attorney general) in the US was not part of their strategy.
“We will still be facing the same prosecutors but we believe in the US justice system to deliver a fair outcome.”
You don’t take the US government to court unless you think they are being very, very unreasonable.