Barclays Chairman criticizes his own 'cumbersome and bureaucratic' bank

Sheriff

'There’s a new sheriff in town and he’s got the board’s backing to make sweeping changes'.

Barclays Chairman John McFarlane, barely two months into the job, ousted CEO Antony Jenkins and pledged to tackle a 'cumbersome and bureaucratic' bank.

Bloomberg News reports that in an interview Wednesday, McFarlane said the bank had been mis-allocating capital and needs to boost revenue growth and productivity.

'There’s a new sheriff in town and he’s got the board’s backing to make sweeping changes', said Sandy Chen, an analyst at Cenkos Securities Plc in London. 'We have long advocated an aggressive pruning of the investment bank. The time for this, it appears, is now'.

'The investment bank seems to be destroying value', said Arun Melmane, a London-based analyst at Canaccord Genuity, who has a buy rating on Barclays. 'The pace of restructuring ought to improve'.

Barclays’s McFarlane Ousts CEO, Criticizes Cumbersome Bank

Barclays CEO Change Seen Prompting Deeper Investment Bank Review

 

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts