It is hard to see how Barclays can hope to stay in the top division of global investment banks much longer. Costs are rising, revenues aren’t going up, and chief executive Antony Jenkins is under pressure to find a way out. With RBS also in full-scale retreat from the capital markets, the City may soon have no major British investment bank.
While a few people may regret that, the reality is that the UK has been a failure at investment banking – and it would be better if it got out now, before it does any more damage.
A quarter [...]
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