Barclays reforms said could end up off track

Track Cycling

High costs and low profits ?

High costs and low profits could undermine Barclays’ efforts to reform its business model, analysts at credit ratings agency Moody’s said today, in a blow to executive chairman John McFarlane’s plans to improve returns at the bank.

The Daily Telegraph reports that the plan includes slashing costs, cutting down the least profitable parts of the investment bank and re-focusing staff culture on customer service.

Investors have broadly welcomed McFarlane’s plans, with shares in the UK-listed bank up 7% since he fired CEO Antony Jenkins in July and took control as executive chairman.

However, McFarlane has not announced any radical change of strategy, instead preferring to accelerate the existing reform plans put in place by Jenkins.

To access the complete Daily Telegraph article hit the link below:

Moody’s fears Barclays reforms could be thrown off track

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