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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Comments (37)

  1. Posted by Guy with A.D.D. | August 30, 2012 at 12:44 PM

    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. Posted by investorcluzo | August 30, 2012 at 12:49 PM

    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.

  3. Posted by guest | August 30, 2012 at 12:54 PM

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

  4. Posted by guest | August 30, 2012 at 12:55 PM

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

  5. Posted by Poopy Pantalones | August 30, 2012 at 12:55 PM

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

  6. Posted by Benjamin Moore | August 30, 2012 at 1:09 PM

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

  7. Posted by Excel Monkey | August 30, 2012 at 1:13 PM

    What about the drapes? Do they match the carpet?

  8. Posted by guest | August 30, 2012 at 1:22 PM

    Laxbro and/or N'08 should be able to help you out with that one.

  9. Posted by 2_Small_2_Bail | August 30, 2012 at 1:33 PM

    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.

  10. Posted by TGFD | August 30, 2012 at 1:36 PM

    Apparently, you're a recent subscriber.

    -The Gay from Delaware

  11. Posted by VonSloneker | August 30, 2012 at 1:39 PM

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

    - Nell

  12. Posted by PermaGuestII | August 30, 2012 at 1:40 PM

    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!

  13. Posted by TobiasFunkeCFA | August 30, 2012 at 1:47 PM

    Agreed. Laxbro angsty requests for relationship advice on Dealbreaker = thumbs down

  14. Posted by 25thHourTrader | August 30, 2012 at 1:51 PM

    "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

  15. Posted by pazzo83 | August 30, 2012 at 1:53 PM

    You best step back from my girl, bitch!

    - Popeye

  16. Posted by guest | August 30, 2012 at 2:26 PM

    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).

  17. Posted by Guest | August 30, 2012 at 2:27 PM

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

  18. Posted by Here's Johnny | August 30, 2012 at 3:56 PM

    Anthony is that you?

  19. Posted by SGLP | August 30, 2012 at 5:37 PM

    25thHT,

    You have been on fire lately. I like the cut of your jib.

    TL Kivisto

  20. Posted by Nutless Monkey | August 30, 2012 at 6:53 PM

    Plus ca change, plus ca meme chose

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

  21. Posted by OWS Observer | August 31, 2012 at 12:22 AM

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

  22. Posted by Guest | August 31, 2012 at 7:42 AM

    Not as literate as you think, mon ami.

    F. Hollande

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