To boldly go where no bank has gone before.
New Barclays CEO Anthony Jenkins is a man on a mission, charged with leading a 'root and branch' review of the bank's activities. And that may not be such a good thing for staff working within the investment bank.
The Daily Telegraph writes that the appointment is likely to sound the death knell for the Masters of the Universe who work there. The newspaper says that 'Barclays will certainly retain a major investment banking presence, but it will shrink relative to its peers. Diamond’s dreams of Wall Street glory have almost certainly been consigned to history'.
Bloomberg reports that Jenkins said in a telephone interview today that Barclays will 'think strategically' about the investment bank, praising the unit's 'very good team'. This probably means that highly paid bankers who take undue risk with the bank's capital have no future at the firm.
'He's a very capable guy', Oriel Securities analyst Mike Trippitt told Reuters. 'I think the fact that he's come up the ranks in the retail and commercial world means he'll take a very fresh view of the investment bank'.
The Financial Times reports that Jenkins is everything 'Bob Diamond, was not – a retail banker, rather than a strutting investment banker; British, rather than American; and down to earth'.
Bloomberg reports that Chris Wheeler, a London- based analyst at Mediobanca, said that Jenkins 'has been on the board, he’s knows what the bank’s been doing, he knows the strategy, but he’s never been a practicing investment banker. That will make the people in investment banking nervous, particularly in New York'.