11/28/2023, 6:46 AM (Source: TeleTrader)
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Barclays reportedly to drop clients in investment bank overhaul

Barclays PLC is considering dropping thousands of clients from its investment bank as part of Project Minerva, a strategic overhaul to cut costs by £1 billion, the Financial Times reported on Tuesday.

The move reportedly comes amid CEO C.S. Venkatakrishnan's efforts to reduce reliance on investment banking and boost investor returns. According to the media outlet, Barclays executives considered radical options, including raising capital for acquisitions and a substantial reduction in trading assets by up to 25%. However, faced with opposition, the bank is likely to pursue a more moderate course, focusing on severing ties with close to 2,500 of its least profitable investment banking clients.

Baha Breaking News (BBN) / NL