There are some things that Barclays CEO Jes Staley would change about his bank, and they aren’t the same things that Edward Bramson would change. And luckily for Staley, he continues to win his argument with the bowed but unbroken activist about whether or not Barclays should have an investment bank, what with it posting a 17% jump in revenue in the third quarter, better than twice the increase in revenue across the bank as a whole.
No, Jes Staley wouldn’t change a thing about his investment bank, most notably its Americanness, because these days—and possibly for the rest of time—Barclays’ Britishness may prove somewhat problematic.
Barclays has defended its mix of businesses, saying it aims to be resilient to market conditions by having a large U.K. retail and business bank, a New York- and London-based corporate and investment bank and U.S. credit cards…. In the U.K. business, he said, Brexit has dented confidence. Consumers and companies are holding on to cash instead of spending, Mr. Staley said, and companies are holding off on strategic decisions such as acquisitions. “There is clearly an economic impact from the uncertainty around Brexit,” he said….
“We are highlighting the reality that interest rates are much lower and the uncertainty of Brexit continues,” Mr. Staley said.