Rachel Reeves, the chancellor, is seeking a heavyweight outsider to run Britain's main banking watchdog, with a senior Barclays executive expected to be among the top contenders for the job.

Sky News has learnt that the Treasury is to advertise the post of chief executive of the Prudential Regulation Authority (PRA), which oversees financial services firms such as banks and insurers, within days.

One source said the recruitment process could kick off as early as next week.

The process, which will run for several months, will lead to the appointment of a successor to Sam Woods, a long-serving official who has served two terms in the role.

This weekend, it emerged that Katharine Braddick, a former senior Treasury civil servant who joined Barclays in 2022, is expected to be among the appl

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