Earlier in the month, sources reported that former JP Morgan banker James Staley would become the new chief executive of Barclays.
Now the bank has confirmed that Mr Staley, who currently works for US hedge fund Blue Mountain Capital Management, will be taking over on December 1st.
Experts say Mr Staley's can be seen as a response to investor criticism that the bank was not focusing enough on investment banking. That follows the firing of Barclays' previous chief executive, Antony Jenkins, in July after he fell out with the board.
Commenting on Mr Staley's appointment, Barclays chairman John McFarlane said: "In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities."
Mr McFarlane added that he believes Mr Staley will be an executive with the right leadership skills and experience to deliver value to shareholders and take the group forward in the right strategic direction.
Stability and long-term orientation
As well as his experience at Blue Mountain, Mr Staley is a former chief executive of JP Morgan Chase's investment bank and he spent more than 30 years at the firm.
In 2012, US business news broadcaster CNBC reported that he was one of the options being considered for the top job at Barclays, but Mr Jenkins took on the role instead.
In 2015, Mr Staley was elected to the board of Swiss bank UBS to serve on the bank's risk committee.
Commenting on his appointment at Barclays, Mr Staley said he would focus on trust.
"We will be committed to preserving and enhancing the trust that is the foundation of Barclays' reputation. Stability and long-term orientation are cornerstones for this great institution. We must recognise Barclays' special obligation to those principles," he said.
He added: "Barclays is a very valuable franchise: from its retail and commercial banking presence in the UK, its strength in cards and payments, its strong position in Africa, to its Investment Bank."
At 10:50 on Wednesday, Barclays share prices were down 0.28 per cent to 250.15.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.