This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-34512071

The article has changed 8 times. There is an RSS feed of changes available.

Version 4 Version 5
Barclays to name Jes Staley as new chief executive Barclays to name Jes Staley as new chief executive
(about 1 hour later)
Barclays is soon to appoint former JP Morgan banker James "Jes" Staley as its new chief executive.Barclays is soon to appoint former JP Morgan banker James "Jes" Staley as its new chief executive.
Sources confirmed to the BBC that Barclays board members had agreed to Mr Staley's new role with the British banking group.Sources confirmed to the BBC that Barclays board members had agreed to Mr Staley's new role with the British banking group.
Mr Staley is currently working at BlueMountain Capital Management in the US.Mr Staley is currently working at BlueMountain Capital Management in the US.
Barclays' previous chief executive, Antony Jenkins, was fired in July after falling out with board members.Barclays' previous chief executive, Antony Jenkins, was fired in July after falling out with board members.
BBC business editor Kamal Ahmed tweeted: "Barclays board agree Jes Staley to be new CEO. Ex JP Morgan banker now needs regulatory clearance. Barclays to keep investment bank focus."BBC business editor Kamal Ahmed tweeted: "Barclays board agree Jes Staley to be new CEO. Ex JP Morgan banker now needs regulatory clearance. Barclays to keep investment bank focus."
The hedge fund manager, reports the Financial Times, could bring "a dramatic change" of approach to Barclays. Our business editor told BBC Radio 4's Today programme that previously "there had been big tensions within the bank" between the retail and investment divisions.
Mr Staley is currently a managing partner at BlueMountain Capital, which he joined in 2013. The company's website states that prior to that, Mr Staley was chief executive of JP Morgan's investment banking and asset management, where he led the bank's "expansion in to alternative investments". He added that investors were unhappy with the change of focus of the bank towards retail banking under Mr Jenkins.
The news comes a day after Barclays' executive chairman John McFarlane stressed the importance of a strengthened focus on investment banking in Britain, telling reporters that European investment banks should merge to create a regional "champion" to compete with US rivals. Our editor said the board of Barclays had agreed the appointment of Mr Staley and that the bank was now awaiting regulatory approval before making an official announcement.
Subject to regulatory approval, Jes Staley would be joining Barclays amidst a restructuring. It announced in 2014 that it would be cutting thousands of jobs and shutting some of its retail banking branches. With the troubles faced by the banking sector, including the taxpayer-funded bailout of Royal Bank of Scotland, some people within the City were concerned that London was losing its position as global banking centre. The appointment of Mr Staley might be seen as trying to resurrect that position, our editor added.
Banking 'champion'
Underscoring the bank's renewed focus on investment banking, Barclays' executive chairman John McFarlane was reported as saying European investment banks should consider merging to create a regional champion to compete with US rivals, highlighting the anxieties of senior bankers in Europe about their sector's future.
"If you did want to create an investment banking champion for Europe, you would have to combine the investment banking arms of the main players, but you would have to swallow really hard and you would need political support," Mr McFarlane told the Financial Times.
Mr Staley is currently a managing partner at BlueMountain Capital, which he joined in 2013. The company's website states that before that, he was chief executive of JP Morgan's investment banking and asset management, where he led the bank's "expansion in to alternative investments".
Mr Staley will be joining Barclays amid a restructuring. It announced in 2014 that it would be cutting thousands of jobs and shutting some of its retail banking branches.
In July, Barclays bank reported a 25% rise in statutory pre-tax profits to £3.1bn for the six months to the end of June. During the period, the bank also set aside £850m to compensate customers - including for further claims for mis-sold payment protection insurance (PPI).In July, Barclays bank reported a 25% rise in statutory pre-tax profits to £3.1bn for the six months to the end of June. During the period, the bank also set aside £850m to compensate customers - including for further claims for mis-sold payment protection insurance (PPI).