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Tuesday, October 13, 2015

Barclays set to name former JPMorgan banker Staley as new CEO, (NYSE: BCS)

British bank Barclays PLC is close to naming former JPMorgan Chase banker Jes Staley as chief executive, signaling a renewed focus on an investment banking division that has been pared back over the past three years.Barclays offered the position to Staley, currently managing partner of U.S. hedge fund firm BlueMountain Capital Management, and he accepted the offer, a person with knowledge of the situation told Reuters on Monday.Boston-born Staley ran JPMorgan's investment bank and asset management business and had been at the bank for 34 years before leaving in early 2013 to join BlueMountain. He made the shortlist when Barclays last looked for a CEO three years ago."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," said Chintan Joshi, analyst at Nomura.

Barclays PLC (Barclays) is a global financial services holding company. Shares of BCS traded higher by 0.13% or $0.02/share to $15.73. In the past year, the shares have traded as low as $13.27 and as high as $18.05. On average, 2683090 shares of BCS exchange hands on a given day and today's volume is recorded at 1090079.