And, according to the Financial Times, it's called Operation Mango, Barclays' root and branch review of investment banking.
The newspaper quotes Rich Ricci, the head of the unit, who said Monday: 'We have always scrutinised our businesses based on their ability to generate returns. Now, however, I feel it is appropraire to modiffy that assessment by explicitly looking at reputational risk'. Deloitte is said to helping the bank go through Mango.
Barclays' new CEO, Antony Jenkins, spoke to analysts Monday, and confirmed that breaking up the bank was not under consideration, and that a 'premier' investment bank would be part of the Group going forward.
Jenkins, re-emphasized, however, that that didn't necessarily mean that the investment banking unit would remain all things to all men. He said that he will be 'move quickly and be bold' when reviewing the activities of the bank, but that a comprehensive plan would not be ready until some time in the first quarter of next year.
Some shareholders are thought to already be complaining about the timescales, and clearly intend to push Jenkins to move more quickly in certain areas, and to provide more clarity on his overall vision for the Group.
image: © Ian Brown
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