Barclays chief Antony Jenkins vows reform
Tuesday 11 September 2012
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.
- 1 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 2 The secret report that helps Israel hide facts
- 3 Is Ebola coming to Britain? UK health officials issue warning to doctors as outbreak fears grow
- 4 Richard Dawkins says 'date rape is bad, stranger rape is worse' on Twitter
- 5 Danish TV reporter is all business up top, all party down below
The secret report that helps Israel hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...
£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...
£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...
£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...