Top CEO says Barclays needs time to revamp investment bank

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Barclays is in a “difficult position” relative to its British peers and needs time to reshape its investment bank, according to Martin Gilbert, head of one of the bank’s biggest shareholders.

“They are doing the right things, but it will take time,” Aberdeen Asset Management CEO Gilbert said in an interview in Davos, Switzerland on Wednesday. “Like all the other banks, they want to get more into fee income and more mergers and acquisitions.”

Bloomberg News reports that Barclays CEO Jes Staley, 59, is mulling deeper cuts at the securities unit and considering disposals around the world after taking the helm of the lender last month with a mandate to speed up asset sales and restore profit growth. He’ll give a strategic update with the bank’s full-year earnings on March 1.

To access the complete Bloomberg News article hit the link below:

Barclays Needs Time to Revamp Investment Bank, Aberdeen CEO Says

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