Jes Staley has been appointed as group chief executive officer of Barclays.
He will take up his position and join the Barclays boards as a director on 1 December.
Staley worked for over 30 years at J.P. Morgan initially training as a commercial banker, and later led key businesses involving equities, private banking and asset management. He ended up heading the company’s global investment bank. He is currently managing partner of BlueMountain Capital.
His appointment is widely seen as a sign that the board wants to refocus the business on investment banking.
Barclays chairman John McFarlane said: “Barclays is an incredibly important, broad and complex business. Appointing an individual with the business scope, seasoning and track record is a difficult challenge. In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the Group forward strategically. In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities.
“After an extended process, I now know Jes well, and we are in agreement on the way forward. He is a man of enormous integrity, and someone who both understands the business, but also the importance of cultural reform and the need to conduct our business in a way that we can all be proud of. I look forward to working with him in what will be an exciting and important period for our company as we seek to accelerate the delivery of improved shareholder returns.”
Staley said: “It is an honour to be chosen to lead Barclays, an institution with an extraordinary legacy of 325 years in existence. I look forward to building on this heritage and to working with the company’s dedicated and deeply talented employees to deliver the highest quality financial services to the bank’s customers and clients, with integrity and skill.
“We will be committed to preserving and enhancing the trust that is the foundation of Barclays’ reputation. Stability and long-term orientation are cornerstones for this great institution. We must recognise Barclays’ special obligation to those principles. We must also continue the focus on shareholder returns which John McFarlane has mandated. Barclays is a very valuable franchise: from its retail and commercial banking presence in the UK, its strength in cards and payments, its strong position in Africa, to its investment bank.
“Maximising the potential of this franchise means building on our competitive advantages and developing new ones in order to generate strong returns on capital. If we do this, increased value for our shareholders will follow at the same time as Barclays’ long history of leadership is continued and enhanced.”