Jes Staley has been appointed as Barclays new chief executive, after months where the bank has been led by executive chairman John McFarlane. The former JPMorgan banker's appointment is likely to be seen as a re-focus on the bank's investment banking operations after they had been pared down under the previous incumbent.
Staley told staff in a memo: "We must continue to strengthen trust in Barclays...My ambition is to restore Barclays to its rightful standing - successful, admired and well regarded by all.
He also emphasized his "respect for the critical role which regulators play in our industry", at a time when many in the industry are grumbling about the increased role of regulation.
He will be paid a maximum of £8.2 million (12.5 million) in salary, bonus and other incentives in his first year in the job, around 14 percent more than his predecessor Antony Jenkins, plus a further £1.93 million to cover an unvested share award granted to him by JPMorgan.
Staley is currently a managing partner at BlueMountain Capital Management, the hedge fund co-founded by Andrew Feldstein, another former JPMorgan executive, and is on the board of Swiss banking giant UBS, a post he has now left.
It was as head of JP Morgan's investment bank, between 2009-12, that he had his most high-profile previous job. This was seen as a potential stepping stone to succeeding Jamie Dimon as chief executive of the bank, but Dimon has held on to the top spot for nearly a decade.
Staley, a father of two and graduate of Bowdoin College, was rumored to be one of the leading external candidates when Antony Jenkins was appointed at Barclays in 2012.
The appointment signals a shift away from the retail banking focus of Jenkins' tenure, back towards investment banking, which has seen job losses and shrinking revenues in recent years. It also comes shortly after John McFarlane, the bank's executive chairman, opened up the possibility of merging European investment banks to create a new European champion to rival the biggest U.S. investment banks.
McFarlane said of Staley on Wednesday: "He understands corporate and investment banking well, the re-positioning of which is one of our major priorities."
- By CNBC's Catherine Boyle