Barclays is reportedly poised to name former JP Morgan banker James "Jes" Staley as its new chief executive in a move signalling plans to return the group to its former investment banking glory.
It is thought the announcement could be made within the next two weeks, ending a three-month search to replace previous boss Antony Jenkins, who was sacked in July for lacklustre revenue growth and a flat share performance.
Mr Staley, known as Jes, is understood to have accepted the offer, with Barclays now waiting for the appointment to be approved by regulators.
Mr Staley is a former chief executive of JP Morgan's Investment Bank, having worked with the company for more than 30 years.
In 2013, the American moved to hedge fund BlueMountain Capital Management, where he is a managing partner.
His appointment would be seen as a sign that Barclays wants to renew its focus on investment banking after Mr Jenkins - a retail banker - had toned down this side of the business in the aftermath of the Libor rate-fixing scandal.
Barclays declined to comment.
Scottish born chairman John McFarlane has been acting as interim chief executive since mid July after Mr Jenkins was let go.
Shares in Barclays were three per cent lower as the market digested reports of Mr Staley's planned appointment.
David Buik, City commentator, said: "One thing has become clear, if this deal is ratified, and that is Barclays is reluctant to 'bin' investment banking and intends to throw caution to the wind."
He added the appointment would be a "bold move".
Mr Staley notched up a 34-year career at JP Morgan and latterly ran its investment bank and asset management business.
He is said to have been on the short-list of candidates to become chief executive three years ago, losing out to Mr Jenkins.
Mr Jenkins was appointed in 2012 to replace Bob Diamond at a time when the group wanted to reduce its investment banking operations to return to its retail and corporate banking roots - an attempt to repair its reputation in the wake of the Libor scandal.
But at the time of Mr Jenkins's departure in July, experts said they believed the bank could be in search of a "more rounded leader" to drive profits at the investment banking arm once more.
Half-year figures in July showed that pre-tax profits jumped 25 per cent to £3.11 billion, but returns for shareholders remained low as the dividend for this year was held at 6.5p, well below its level before the financial crisis.
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