Barclays investment banking plans to re-ignite its ‘commercial zeal’
London — Barclays investment banking boss Tim Throsby has said he plans to re-ignite "commercial zeal" within the firm’s worst-performing unit, ending five years of risk-averse retrenchment that’s left traders trailing US rivals. When he arrived at Barclays from JPMorgan Chase in January, Throsby found it was "very clear" staff had lost "a suitable focus on opportunities to deploy risk", according to remarks he made at Bank of America’s financial conference in London on Tuesday. "Risk-taking as a positive element of servicing our client base should always be central." Throsby’s comments signal a change in tone at Barclays, which, since losing former CEO Bob Diamond due to the Libor-rigging scandal in 2012, had been keen to emphasise the less controversial and more profitable consumer parts of its business. Current CEO Jes Staley, also a former JPMorgan deal-maker, faced down calls from investors to spin off the investment bank early in his tenure, embarking on a recruitment drive fr...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.