Barclays ‘poised to appoint former JP Morgan executive Staley as CEO’

It is being widely reported today that Barclays is set to name former JP Morgan banker James “Jes” Staley as its new chief executive.

If the reports turn out to be correct, the move would signal an intention to return the group to its former investment banking focus.

According to the reports, an announcement could be made within the next two weeks, ending a three-month search to replace previous boss Antony Jenkins, who was sacked in July for lacklustre revenue growth and a flat share performance.

Mr Staley is understood to have accepted the offer, with Barclays now waiting for the appointment to be approved by regulators.

Mr Staley is a former chief executive of JP Morgan’s Investment Bank, having worked with the company for more than 30 years.

In 2013, the American moved to hedge fund BlueMountain Capital Management, where he is a managing partner.

His appointment would be seen as a sign that Barclays wants to renew its focus on investment banking after Mr Jenkins - a retail banker - had toned down this side of the business in the aftermath of the Libor rate-fixing scandal.

Barclays declined to comment.

Chairman John McFarlane has been acting as interim chief executive since mid July after Mr Jenkins was let go.

Shares in Barclays were 3 per cent lower as the market digested reports of Mr Staley’s planned appointment.