Compton, who joined JP Morgan in 1997, was most recently chief administrative officer at the firm. He will take on his new role in May.

He succeeds Jonathan Moulds, a former Bank of America Merrill Lynch executive, who became group COO at the bank just over a year ago. Moulds will leave Barclays to “find a new challenge”, the bank said in a statement.

Compton will join the executive committee and report to group chief executive, Jes Staley, also a JP Morgan veteran who was appointed to the helm of Barclays in December. Compton's responsibilities will include operations and technology, structural reform, cost transformation and major project delivery. He will also chair the group operating committee.

“For nearly twenty years Mr Compton has served in a variety of senior operating roles. His huge directly relevant experience will prove invaluable as we continue our strategic transformation and manage the required changes under Structural Reform,” said Staley.

Barclays has come under the spotlight recently over a lawsuit, which it said it would be “rigorously defending”, from Amanda Staveley's firm PCP Capital Partners over the bank's emergency multi-billion pound fundraising from Middle Eastern investors during the 2008 financial crisis.