Barclays said considering major overhaul

Shifting its businesses into eight entities.

Barclays is considering shifting its businesses into eight entities in response to rules forcing the bank to separate retail operations from riskier investment-banking units, an internal document shows.

The firm is reviewing whether to put its U.K. and European retail operations, its U.S. holding company and a subsidiary carrying out back-office functions within a firewall, separating them from five other entities including a derivatives trading arm, according to the draft document obtained by Bloomberg News.

The proposals will go to the board on December 11th.

The internal overhaul shows the expense and disruption banks are facing as authorities seek to avoid a repeat of the 2008 global turmoil that toppled Lehman Brothers Holdings Inc. At HSBC, Chairman Douglas Flint has already voiced criticism, saying lenders will be forced to spend billions to erect firebreaks between core services such as mortgage lending and riskier activities linked to investment banking.

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