Barclays PLC to Name Former JPMorgan Chase Banker Jes Staley as Chief Executive

Barclays PLC to Name Former JPMorgan Chase Banker Jes Staley as Chief Executive

Barclays PLC, a British bank, very soon will be announcing name of its new chief executive officer (CEO). The bank said former JPMorgan Chase banker Jes Staley will be its new chief executive.

A person familiar with the situation told Reuters on Monday that Staley, who is presently the managing partner of US hedge fund firm BlueMountain Capital Management, accepted the offer.

Staley, 58, headed JPMorgan’s investment bank and asset management business. The Boston-born Staley had worked with the bank for 34 years. He left the bank in 2013 to join BlueMountain.

Chintan Joshi, analyst at Nomura, said, “His appointment will indicate a greater commitment to the IB (investment bank), but then Barclays' profitability problems are linked to the IB and not the traditional bank”.

Former CEO of Barclays Antony Jenkins was fired from his post in July after he lost support of non-executive directors in a clash over style and the pace of the bank's turnaround.

Inventors and analysts said Staley might improve morale and would also set a clear strategy for the investment bank after years of uncertainty.

Richard Marwood, senior investment manager at Axa Investment Managers said in a statement that Staley might not appear to be the person to downsize the IB at first sight. However, decreasing the size of the investment bank still remained at the top on his wish list, he said.

A top 20 Barclays investor, who asked not to be named, said they do not have any problem if the bank retains any investment banking activities, but it should be done in a rational way.

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