In addition to layoffs and shrinking the investment bank, the turn around will involve streamlining the way things work so that, for example, a first year analyst feels comfortable slipping suggestions for ways to improve core businesses under senior executives’s doors.
Barclays’ new chairman sought to stamp his mark on the bank on Wednesday by accelerating the sale of assets and cost cutting after the group produced a 12 percent increase in second-quarter profits. Chairman John McFarlane, who arrived at Barclays in April with a reputation for taking bold action, laid out his plans for the bank after ousting Chief Executive Antony Jenkins earlier this month. He said the pace of change needed to accelerate. “Barclays … remains far too hierarchical, bureaucratic and group-centric,” McFarlane said. “I therefore want to see much more streamlined processes.”
Barclays to speed up cost-cuts and asset sales [Reuters]
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