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.
He told investors on a conference call that the bank would move to stop activities that damaged its reputation in the past.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
-
Pension withdrawals on the rise, HMRC data reveals
Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.
-
ONS: UK economy recovered from pandemic faster than previously thought
Revisions from the ONS showed the UK economy has grown since the pandemic, while the latest data showed GDP grew in the second quarter of 2023.
