Barclays' investment bank still said to need major surgery

Sell off huge chunks ?

Barclays should sell off huge chunks of its business, including its US investment bank, to return it to healthy growth, analysts have said.

The Daily Telegraph reports that the radical strategy was suggested by analysts at Bernstein Research in a note written as a strongly worded open letter to the bank’s new chief executive Jes Staley.

'It probably wouldn’t have taken you too long to figure out that the elephant in the room is the investment bank', said the open letter.

'It needs major surgery but all that we've had is patches here and there'.

The letter said that the bank's plan to cut down the worst-performing parts of the investment bank with the aim of creating a smaller, more profitable operation 'is possibly one of the worst strategies ever in the history of banking'.

To access the complete Daily Telegraph article hit the link below:

Barclays told: sell US investment bank and axe dividend

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