JPM JP Morgan Chase and Co

By Max Colchester 

Barclays PLC is preparing to name former J.P. Morgan Chase & Co. executive Jes Staley as its next chief executive, as the British bank once again turns to an American investment banker for leadership.

The appointment, which is still subject to regulatory approval, could be made in the coming weeks, a person familiar with the matter said. The move would put a three-decade veteran of J.P. Morgan in charge of a bank that has been looking for a CEO since it ousted its former leader, Anthony Jenkins, in July amid concerns about lackluster performance and slow progress on restructuring.

Mr. Staley, who formerly ran J.P. Morgan's investment bank, is currently working at BlueMountain Capital Management LLC.

If Mr. Staley gets the nod, it would be the second time in five years that Barclays is turning to a U.S. investment banker to revive its fortunes. It also marks the latest J.P. Morgan alumni to find a top job at a British bank. Former J.P. Morgan executive Bill Winters was named as chief executive of Standard Chartered PLC earlier this year.

Other names on Barclays' short list of potential candidates include Morgan Stanley executive Colm Kelleher and Barclays recently appointed chief operating officer Jonathan Moulds, according to people familiar with the matter.

The 58-year-old Mr. Staley will face challenges as he looks to re shape the investment bank into a position it can compete with U.S. peers. At an earnings conference earlier this year Mr. Macfarlane said that U.S. investment banks had become dominant and were the only one who could now claim to be "truly global."

Although his first name is James, Mr. Staley known as "Jes" to his colleagues and friends.

While well-versed in asset-management and investment banking, Mr. Staley will be entering new territory with Barclays' big retail presence. Like other banks, Barclays is navigating technological changes as its customer base moves away from physical branches to embrace mobile and online methods of banking.

Mr. Staley would also assume command at a time when Barclays and other large European banks are shrinking their balance sheets, retreating from some of the riskier investment-banking businesses, and tempering ambitions to be global players. Their returns now lagging their U.S. counterparts.

"Jes has had a long career in banking doing a lot more than the securities business," said Roy Smith, a professor at New York University and a former Goldman Sachs Group Inc. banker. "But that's a tough part of the Barclays' business for it to get right. Jes's experience at the top levels of J.P. Morgan can only help."

Mr. Staley also owns a stake in BlueMountain, which he acquired when he joined the firm in 2013. It isn't clear whether he will be forced to sell that stake as a result of his new job.

He also holds a board seat at Swiss banking giant UBS.

Robin Sidel and Justin Baer contributed to this article.

Write to Max Colchester at max.colchester@wsj.com

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(END) Dow Jones Newswires

October 12, 2015 18:29 ET (22:29 GMT)

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