Barclays is considering a retrenchment from continental Europe which could include the sale of its business in France, Spain, Italy and Portugal as part of its strategic review to be unveiled this week.
The Daily Telegraph reports that Antony Jenkins, CEO, is expected to announce that most of the bank’s retail operations in western Europe could be put up for sale as part of the cost-cutting and restructuring exercise, according to reports in The Sunday Times. The strategic review, due on Thursday, is the second in Jenkins’ two-year tenure.
He hopes it will relieve some of pressure Barclays is under at the moment from shareholders and the City, as well as politicians.
Two weeks ago Barclays suffered a protest vote at its annual shareholder meeting over an increase in bonuses at its investment bank. Analysts said the bonuses were needed to avoid a 'death spiral' of US staff quitting amid poaching attempts from rival banks.
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