Barclays 'set to appoint former JP Morgan executive James Staley as CEO'

Barclays is set to appoint former JP Morgan banker James Staley as its chief executive in the coming weeks, according to reports.

Mr Staley, known as Jes, will be appointed in the next fortnight, the Financial Times reported, as long as the move is approved by regulators.

He is a former CEO of JP Morgan's Investment Bank, having worked with the company for more than 30 years.

In 2013 the American moved to hedge fund BlueMountain Capital, where he is a managing partner.

Mr Staley would replace Antony Jenkins, who was sacked in July for lacklustre revenue growth and a flat share performance.

John McFarlane is currently acting as interim chief executive.

The appointment of an investment banker would signal a change in approach for Barclays, whose former head Mr Jenkins was a retail banker, a source told the paper.

"Winding down an investment bank with a big American investment banker in charge of the group is going to be challenging," the source said.

Mr Jenkins was appointed in 2012 as Barclays began toning down its exposure to investment banking to return to its retail banking roots, in an attempt to repair its reputation in the wake of the Libor-fixing scandal.

But at the time of his departure experts said they believed the bank could be in search of a "more rounded leader" to drive profits at the investment banking arm once more.