Barclays Names Ex-JPMorgan Banker James ‘Jes’ Staley As New CEO

James “Jes” Staley, a former senior banker at JPMorgan Chase & Co., will take up the role of chief executive officer at Barclays PLC, the British bank announced Wednesday. Staley will join Barclays from Dec. 1, the company said in a statement.

The announcement comes three months after former CEO Antony Jenkins stepped down amid the bank’s lackluster performance and vagueness about Barclays’ future structure. According to the New York Times, Staley’s appointment showed a sharp U-turn for Britain’s second-largest lender, which fiercely tried to reshape its culture and trim its investment bank after its confession about conspiracy to influence the London interbank offered rate.

“In Jes Staley, we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the group forward strategically,” Barclays' Chairman John McFarlane said in the statement. “In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities.”

According to a Barclays spokesman, Staley’s annual salary will be 2.75 million pounds ($4.2 million), Bloomberg reported. His basic salary will be 1.2 million pounds ($1.8 million) and role-based pay would be 1.15 million pounds ($1.75 million). Barclays would pay him a 396,000-pound ($605,880) pension, which is about 14 percent higher than that of Jenkins, according to Bloomberg.

The 58-year-old spent over three decades at JPMorgan before joining hedge fund BlueMountain Capital Management in 2013, where he is currently a managing partner. He also serves on the board of Swiss bank UBS AG.