Barclays says it has named James E Staley, a banker with 30 years of experience at J P Morgan, as its new chief executive officer.
The announcement on Wednesday had been widely telegraphed and comes three months after former CEO Antony Jenkins was pushed aside amid concerns about the performance of Barclays’ investment bank.
Staley began his career as a commercial banker and advanced to head J.P. Morgan’s global investment bank.
Barclays chairman John McFarlane says Staley “understands corporate and investment banking well, the repositioning of which is one of our major priorities.”
Jenkins took charge of Barclays after allegations it was involved in the manipulation of London interbank offered rate or LIBOR. He had championed a more ethical approach and sought to reduce the importance of investment banking.