Barclays is expected to appoint Jes Staley, a former JP Morgan Chase & Co investment banker, as its new chief executive, according to City sources.

Staley an JP Morgan’s investment bank and asset management business and was on an earlier shortlist when Barclays was looking for a CEO. He left JPMorgan in early 2013 after 34 years at the bank to join hedge fund Blue Mountain Capital.

The position at Barclays has been vacant since Antony Jenkins left in July for losing the support of non-executive directors in a clash over style and the pace of the bank’s turnaround.

Chairman John McFarlane has been running the bank in the interim.

The Financial Times said Mr Staley’s appointment will be confirmed in the next two weeks.