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