Salisbury MP John Glen has been named the new City minister, City A.M. understands.
Glen will have responsibility for Brexit, and will take the reins from Steve Barclay at a critical point in the withdrawal process.
Glen is the 11th economic secretary to the Treasury in the last decade, with the role being held by a host of prominent names including Treasury committee chair Nicky Morgan, housing secretary Sajid Javid and leader of the Commons Andrea Leadsom, as well as now ex-education secretary Justine Greening.
As with many of his predecessors, Barclay held the post for just a few months but was viewed positively within the financial services community. TheCityUK's chief executive Miles Celic said he had been "terrific".
Glen moves from his role as parliamentary under-secretary for culture, media and sport.