Barclays plans to accelerate the shrinkage of its investment bank by exiting trading operations in continental Europe, Asia and Latin America in a plan supported by incoming chief executive Jes Staley, say two people familiar with the strategy.
The Financial Times reports that Staley, the former head of JPMorgan Chase’s investment bank, is expected to take over early next year, though he is still awaiting regulatory approval.
'He will be quite economically rational', said a person familiar with Staley’s thinking. 'His orientation is to focus on New York and London, the main financial centres, and [almost] everything else will be representative offices'.
The retrenchment will mostly hit trading and securities operations in countries including Singapore, Hong Kong, India, Russia, France, Italy, Spain, Brazil and Mexico. Barclays declined to comment.
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