Bloomberg News reports that the advisory and execution business, which includes mergers and acquisitions, debt capital markets and equity capital markets, will focus on London and New York, Rake said in an interview with Anna Edwards on Bloomberg Television on Friday.
Staley 'will bring a lot of knowledge, confidence' to Barclays and 'we should be able to end up with a very good, reputable, profitable investment bank', Rake said. 'We can really build on something in investment banking. It’s much more about advisory and execution than it is about the things that have been criticized'.
Staley, 58, was named the successor to Antony Jenkins, a retail banker, on October 28 with a mandate to improve profitability at the securities unit of the lender.
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