Barclays boss vows changes

published 11 September 2012

Antony Jenkins, the new Chief Executive of Barclays, said he would rebuild the bank's reputation, but this would not include selling off its investment bank.

The CEO, who replaced controversial boss Bob Diamond in the wake of the Libor rigging scandal, said he would be "quick and bold" in making reforms at the bank.

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The bank was fined £290m in July for trying to manipulate Libor, the inter-bank lending rate.

But Jenkins was clear his review, called Project Transform, would not include off-loading the highly profitable investment bank, which critics have likened to 'casino banking'.

"I absolutely believe that a premier investment banking franchise will be a part of it [the bank]," Jenkins told investors.

There are suggestions that Barclays will cut back on its tax advisory business, as well as withdrawing from selling derivatives products to small business customers and consumers.

A scandal involving the mis-selling of interest rate hedging contracts to small businesses was just one of the latest scandals to rock the banking industry.

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