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Business News

Barclays chief Antony Jenkins vows reform


Barclays' new chief executive has promised bold action to tackle big bonuses at its investment bank and to cut businesses that suck up too much capital, as he reforms a culture regulators have criticised as too aggressive.

Antony Jenkins, appointed 11 days ago to restore the reputation of Britain's fourth-largest bank after a series of scandals, yesterday said investment banking has a central place within the group.

But capital markets activities that consume a lot of capital or are too risky look likely to be in his line of fire. "I absolutely believe that a premier investment banking franchise will be a part of it (the bank)," Mr Jenkins told analysts on a conference call, providing the strongest clues yet on how he will shape Barclays.

He pledged to change areas of the bank that are inefficient or underperform and to "move quickly and be bold".

"How can we best use our capital, how can we allocate it to areas that are going to deliver the sustainable return with the reputational credibility that we're seeking to deliver?"

Mr Jenkins refused to offer details on his plans, saying that would come early next year after he conducts a review of each area based on the capital consumed and return generated, costs, and the pay structure and level.