Barclays has chosen a veteran American banker as its new chief executive, signalling a dramatic shift back to its controversial investment bank.
Jes Staley, 58, a former JP Morgan banker, is set to be appointed in the next two weeks, subject to regulatory approval.
The appointment is likely to spark criticism from politicians and shareholders, who want to see a continued crackdown on excessive pay and poor returns at the bank.
Barclays dismissed Antony Jenkins, its former chief executive, in July because of unhappiness with his leadership and a failure to get to grips with the investment banking business.
The decision to recommit to the investment bank has been made by John McFarlane, who was appointed chairman in January this year. Mr McFarlane stepped up