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Barclays to name Jes Staley as new chief executive Barclays set to name Jes Staley as new chief executive
(about 2 hours later)
Barclays is soon to appoint former JP Morgan banker James "Jes" Staley as its new chief executive. Barclays is set 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. It is understood the Barclays board has approved the appointment of Mr Staley and that a formal announcement will be made in the next fortnight.
Mr Staley is currently working at BlueMountain Capital Management in the US. Barclays' previous chief executive, Antony Jenkins, was fired from the bank in July after falling out with board members.
Barclays' previous chief executive, Antony Jenkins, was fired in July after falling out with board members. Mr Staley currently works for US hedge fund Blue Mountain Capital Management.
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 told the Today programme that previously "there had been big tensions within the bank" between the retail and investment divisions.
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.
He added that investors were unhappy with the change of focus of the bank towards retail banking under Mr Jenkins.He added that investors were unhappy with the change of focus of the bank towards retail banking under Mr Jenkins.
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. The board of Barclays has agreed the appointment of Mr Staley and the bank is now waiting for regulatory approval before making an official announcement.
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. Our editor added that with the troubles faced by the banking sector, including the taxpayer-funded bailout of Royal Bank of Scotland, some people within the City are concerned that London is losing its position as global banking centre. The appointment of Mr Staley might be seen as trying to resurrect that position.
Who is James Staley?
James Staley, 59, is a former chief executive of JP Morgan Chase's investment bank. He spent more than 30 years of his career there before joining hedge fund BlueMountain Capital Management in 2013.
A longstanding lieutenant of JP Morgan chief executive Jamie Dimon, Mr Staley was at one point thought to be in line to take over as chief executive of the US bank.
It appears that it is not the first time that Mr Staley has been lined up to take the chief executive role at Barclays, following the resignation of Bob Diamond in the wake of the Libor rate-rigging scandal.
Three years ago, US business news broadcaster CNBC reported Mr Staley was, in fact, a finalist for the top job at the bank in August 2012, - alongside his colleague Bill Winters. Both eventually lost out to insider Antony Jenkins.
In 2015, Mr Staley was elected to the board of Swiss bank UBS to serve on the bank's risk committee.
Banking 'champion'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. Underscoring the bank's renewed focus on investment banking, at the weekend 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."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". 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 cover for further claims for mis-sold payment protection insurance (PPI).
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).