Barclays has moved swiftly to appoint a new chief executive, promoting retail banking head Antony Jenkins to replace Bob Diamond in an effort to draw a line under a summer of controversy.
Mr Jenkins said restoring the bank’s battered reputation was his top priority but added that profitability targets would have to be trimmed to more realistic levels, too, as he abandoned his predecessor’s target of a 13-15 per cent return on equity.
“I will make a commitment to make a return on equity above the cost of equity – that’s currently about 11 or 11.5 per cent,” Mr Jenkins told the Financial Times. He said he would unveil a full “transformation plan” for Barclays in the first quarter of next year.
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