LONDON, July 30 Barclays Plc is at
least halfway through the repositioning of its investment bank
and nearly all of the changes to its front office operations
will be done this year, its chief executive said on Wednesday.
Barclays is cutting the size of its investment bank so it
accounts for about 30 percent of group capital, from 50 percent
previously, and wants to improve its profitability so it
delivers return on equity of 12 percent.
"In terms of building that model, I would say we are
probably between 50 percent and two-thirds of the way there. We
have some further work to do this year in terms of positioning
the front office, then there's work to streamline the middle and
back offices," he told reporters at a press conference following
second quarter results.
Jenkins said he expects most of the front office changes to
take place this year, while the middle and back office changes
will run into next year. It will also take time to run down
legacy investment bank assets that have been put into a pool of
non-core assets the bank no longer wants.
(Reporting by Steve Slater; Editing by Matt Scuffham)