Barclays has named Paul Compton as the sole leader of its investment bank after his co-head C S Venkatakrishnan was promoted to chief executive.

Compton’s appointment is part of broader shake-up under Venkatakrishnan — known as Venkat — who was named chief executive following the departure of Jes Staley, who left the bank last week amid a probe into his relationship with convicted sex offender, Jeffrey Epstein.