Barclays boss vows changes
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.
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.
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.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Number of high-earning women jumps 12% – how to convert income into pensionsMore women than ever are paying the highest rate of tax as record numbers succeed in high paying professional roles. But their pension saving still needs to catch up
-
Yoshiaki Murakami: Japan’s original corporate raiderThe originator of Japanese activism, Yoshiaki Murakami, was disgraced by an insider-trading scandal in 2006. Now, he's back, shaking things up
