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Barclays Confirms Jes Staley as CEO

Mr. Staley, who will join Barclays on Dec. 1, will be tasked with pushing through a radical overhaul of the U.K. bank following pressure from regulators. In a letter to employees, he pledged to boost shareholder returns at the bank and reaffirmed the “repositioning of the investment bank to a less-capital-intensive model.”

The U.K. lender said Mr. Staley will receive a pay package worth up to £8.24 million ($12.60 million) a year.

Mr. Staley’s appointment, news of which was leaked earlier this month, marks the return of a U.S. banker to the helm of one of the U.K.’s last remaining universal banks.

The 58-year-old, known as “Jes,” worked his way up the ladder over more than three decades at J.P. Morgan, rising to run its asset-management unit before taking over the reins of its investment bank in 2009. He later joined hedge fund BlueMountain Capital Management LLC.

His investment-banking experience could prove key as Barclays looks to rejig its franchise.

“He understands corporate and investment banking well, the repositioning of which is one...