Jes Staley’s unpopular move to expand Barclays’ investment bank is finally starting to win some support.

The group’s investment bank has been hiring senior bankers and traders over the past 18 months, maintaining a stubborn commitment to growing the unit even as it underperformed many of its peers. A revival in investment banking performance has given rise to fresh optimism — which, unfortunately for Staley, is not yet reflected in the anaemic share price.