'Tough calls' in the coming weeks.
Barclays Chairman John McFarlane told staff that the company will have to make some 'tough calls' in the coming weeks as he seeks to boost returns and accelerate earnings growth, according to an internal memo seen by Bloomberg.
'Our shareholders have been incredibly patient but won’t be for long', McFarlane, 68, wrote in the message to employees. 'I would like the bank to be in a strong position in 2017, so we need to get on with the hard work now. We’ll need to make some tough calls in the coming weeks and months to ensure we have the best chance of doing this'.
Bloomberg News reports that McFarlane fired Chief Executive Officer Antony Jenkins in July after growing frustrated with the slow pace of restructuring. He has since pledged to step up the pace of his overhaul and press on with cost cuts and disposals to bolster earnings, battered by surging litigation costs.
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