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New Barclays CEO May Or May Not Have The Balls To Take An Ax To Bob Diamond’s Baby, Says Guy

Antony Jenkins said he will outline his plans for Barclays in the first quarter of next year. “The challenges that confront investment banking as an industry are driven by regulatory change and the economic environment,” the new CEO said by telephone today. “It requires us to think strategically about the direction of investment banking.” The investment bank is led by Rich Ricci, a Diamond appointee. With increased regulation from Europe and the U.K., volatile market conditions for mergers and acquisitions and continuing criticism of bankers’ pay by politicians, Barclays has faced calls from analysts and shareholders to either sell the division or reduce its size. “The Barclays Capital decade and Bob Diamond will be confined to history,” said Simon Maughan, a financial industry strategist at Olivetree Securities in London. “What investors want to see is far more dramatic cost cutting, and the question is will Jenkins be enough of his own man to do it. It’s not Barclays’s style.” [Bloomberg]

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37 Responses to “New Barclays CEO May Or May Not Have The Balls To Take An Ax To Bob Diamond’s Baby, Says Guy”

  1. Guy with A.D.D. says:

    Barclays style is not to fire people (and pay out packages) but rather to cut pay, increase hours, and bleed employees dry so they leave on their own

  2. investorcluzo says:

    putting a commercial banker in charge of an investment bank worked like a charm for BofA, so this should end well…other than that, I have no concerns.

    • Poopy Pantalones says:

      In fairness, the Boones' Farm Bandit was in charge prior to the Bank of Amerillwide's creation.

    • guest says:

      uh, cluzo, there were some investment banks run by investment bankers that didn't end well either. any examples come to mind? (i'll give you a hint: they don't exist any more).

  3. guest says:

    In his first move Rich Ricci will appoint Professor Keenbean as Global Head of Quantitative Strategy.

  4. guest says:

    Whoa whoa, she may have sent a few questionable tweets but this seems a bit drastic…

  5. Benjamin Moore says:

    Nothing says "its a new beginning" and lifts morale like new carpet and a fresh coat of paint on the walls.

  6. 2_Small_2_Bail says:

    Translation:

    I want all investment bankers to lose their jobs so I can feel better about starting my own company with no clients, creating my own title, and regretting every day that I couldn't think of a cooler name than Olive Tree.

    • PermaGuestII says:

      Hey- we love your name!

      -The Olive Garden

      PS: bring your business card and we'll give you a complimentary bottomless bowl of pasta with your order!

    • pazzo83 says:

      You best step back from my girl, bitch!

      – Popeye

  7. VonSloneker says:

    "…an ax to Bob Diamond's baby?" Bring it, I'm strapped.

    – Nell

  8. 25thHourTrader says:

    "Jenkins told Reuters said he would aim to deliver return on equity, a profitability measure, above the 2011 cost of capital of about 11.5 percent"

    Be careful there chief – you don't want to set the bar too high for your troops.

    -Seven year old lemonade stand proprietor who has a similar aim to deliver a return on investment, a profitability measure, above his costs of the lemonade and cups

  9. Guest says:

    I don't have high hopes for this guy Jenkins – he doesn't even know how to spell his first name.

  10. Nutless Monkey says:

    Plus ca change, plus ca meme chose

    –Literate-yet-poor-investor-in-bank-equities

  11. OWS Observer says:

    Having an investment banking head called Rich Ricci, in this enviornment, takes a lot of balls.

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    asdddddddddddddddddddddddddddddddddddddddddddddddd

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