No change in strategy.
Bloomberg News reports that within minutes of his appointment, new Barclays chief Jes Staley set out his vision for the firm’s investment bank, pledging to continue shrinking the division and restore a 'collaborative' relationship with regulators after the firm paid billions in misconduct fines.
'We will complete the necessary transformation and repositioning of the investment bank to a less capital-intensive model', and 'complete the cultural transformation of the group', the 34-year veteran of JPMorgan wrote in a memo to staff Wednesday.
'There can be no retreat from becoming a values-driven organization which conducts itself with integrity at all times'.
Staley, 58, will take over on December 1, the bank said in a statement Wednesday, after more than two weeks of speculation about whether appointing an American-born former head of JPMorgan’s investment bank signaled a change in strategy. Chairman John McFarlane said last week that some observers had “jumped to conclusions” about the implications of hiring Staley.
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