Barclays is at least halfway through the repositioning of its investment bank and nearly all of the changes to its front office operations will be done this year, its chief executive Antony Jenkins said on Wednesday.
Reuters reports that Barclays is cutting the size of its investment bank so it accounts for about 30% of group capital, from 50% previously, and wants to improve its profitability so it delivers return on equity of 12%.
'In terms of building that model, I would say we are probably between 50% and two-thirds of the way there.
'We have some further work to do this year in terms of positioning the front office, then there's work to streamline the middle and back offices', he told reporters at a press conference following second quarter results.
To access the complete Reuters article hit the link below: