Barclays Considers Dropping Investment Bank Clients To Cut Costs, FT Reports

-- Barclays is considering plans to cut 1 billion pounds ($1.26 billion) in costs, which could include dropping its investment bank's least profitable clients and cutting up to 2,000 jobs, the Financial Times reports, citing unnamed sources.

-- The British bank could free up as much as GBP20 billion of risk-weighed assets in the investment banking arm by dropping those clients, at a cost of less than 10% of the division's revenue, the FT reports.

-- Executives--who have codenamed the project Minerva--had considered and dropped several alternatives, including raising capital for the acquisition of a wealth or asset management business as well as reducing its investment bank's trading assets by up to 25% and exiting US municipal bond trading, the FT reports.

-- Barclays didn't immediately respond to Dow Jones Newswires' request for comment.

Full story: https://tinyurl.com/2vpbecs4

Write to Elena Vardon at [e-mail]

(END) Dow Jones Newswires

November 28, 2023 02:05 ET (07:05 GMT)

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