Barclays 'urged to cut investment banking business'

26 November 2012

Several senior professionals at Barclays believe the major UK financier should drastically reduce its exposure to the investment banking arena.

According to the Financial Times, officials at the lender have held numerous meetings to discuss business strategy with new chief executive Antony Jenkins in the last few weeks.

It is known that within these discussions, at least three of Barclays' 30 biggest shareholders have called on Mr Jenkins to follow the example of UBS, which recently announced its decision to retreat from investment banking and implement another 10,000 job cuts in this division of its firm.

One insider with knowledge of the talks told the news source: "The 20 per cent pop in the UBS share price has got investors' juices flowing."

The same individual went on to say that the possibility of closing Barclays' equities business is attracting growing support among shareholders as many feel significant strategy changes are required at the bank.

By Tony Aynsley

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