Former JP Morgan banker to replace Jenkins as Barclays CEO

Subject to approval, the BBC claims that the appointment is expected to be announced in the next two weeks.

Staley will join Barclays from his current role at US hedge fund Blue Mountain Capital Management to replace Antony Jenkins, who was fired in July after Non-Executive Directors said that "a new set of skills were required for the period ahead".

John McFarlane has been appointed Executive Chairman until a permanent successor is appointed.

The Non-Executive Directors led by Sir Michael Rake, Deputy Chairman and Senior Independent Director, said in a statement that new leadership was required to accelerate the pace of execution going forward.

The Board said that it recognised the contribution made by Antony Jenkins as Chief Executive over the past three years in "incredibly difficult circumstances" for the Group, and is extremely grateful to him in bringing the company to a much stronger position. It added that "the situation he inherited would have challenged anyone facing the same issues".

Michael Rake announced that he was leaving the bank just a week after Antony Jenkins was fired.

John McFarlane said:

“Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required. As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.

“We therefore need to improve revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile."