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Barclays' results and what they mean for the bank PDF Print E-mail
Wednesday, 02 March 2016

Mark Taylor, Professor of Finance and Dean of Warwick Business School, who also spent a number of years working as an Economist at the Bank of England and five years as a Senior Economic Advisor at the International Monetary Fund in Washington DC, has made the following statement: “You could say Barclays is having somewhat of an identity crisis. To go through four CEOs, four leaders, in such a short period of time puts one in mind of Chelsea Football Club rather than a major financial institution.

“The previous CEO, Antony Jenkins, was a lifelong retail banker and then suddenly switched half way through last year to a new CEO, Jes Staley, a lifetime investment banker. So one does have to worry about the long term stability of the bank. On the other hand, they do appear to have a well thought out plan to retrench in Africa, to ring fence UK retail businesses and to concentrate on two core businesses: US corporate, and international and UK retail banking, so the jury is out at present. There is a lot of instability, so we will have to see how the dust settles.

“At the moment the Core tier 1 capital is only about 11 per cent of its loans, below its 12 per cent target. They are hoping that selling off Africa will raise another one per cent.

“Of course the evidence shows that shareholders are less than convinced at the moment. Shareholders tend to be spooked by uncertainty and there is a lot of that at the moment at Barclays, so we will have to wait and see how the ship is steered.

“Do I think the new boss is the right man for the job? Well the banking industry does need to regain trust and I think he is potentially the right man to do it, but arriving in December and receiving a quarter of a million payment for one month is probably not the best way to regain the public’s trust immediately. Nevertheless he does seem to be a highly experienced international banker with the right experience to lead Barclays going forward.”

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