Barclays CEO Jes Staley warned that "the stakes are high" in tackling rising corporate debt and avoiding another financial crisis.

The International Monetary Fund (IMF) earlier this month escalated its warnings about high levels of risky corporate debt, which have been exacerbated by persistent low interest rates from central banks.

"Easy financial conditions have extended the corporate credit cycle, with further financial risk-taking by firms and continued build-up of debt. Corporate sector vulnerabilities are already elevated in several systemically important economies, reflecting rising debt and often weak debt service capacity," the IMF's Global Financial Stability Report said.

"Lower-for-longer yields may prompt institutional investors to seek riskier and more illiquid investments to earn their targeted return."

The U.S. Federal Reserve has cut rates twice this year, while the European Central Bank has kept interest rates negative and introduced a massive stimulus package.

The IMF warned that almost 40%, or around $19 trillion, of the corporate debt in major economies such as the U.S., China, Japan, Germany, Britain, France, Italy and Spain was at risk of default in the event of another global economic downturn.