Barclays has announced that former JP Morgan boss James (Jes) Staley has been appointed as its new chief executive.
Staley will take up his role and join the bank’s board on 1 December, with a basic salary of £1,200,000.
He succeeds Antony Jenkins who was sacked by Barclays in July after he fell out with the board over its cost-cutting strategy.
Staley worked for more than 30 years at JP Morgan initially training as a commercial banker, before ultimately heading the company’s global investment bank. He is currently managing partner at hedge fund BlueMountain Capital.
Barclays chairman John McFarlane says: “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 repositioning 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.”
Staley adds: “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.”