LONDON, (Reuters) – Barclays’ new chief executive pledged a fresh course for the British lender yesterday, axing at least 3,700 jobs and pruning its investment bank as he seeks to rebuild its reputation and boost profitability after a series of scandals.
In an attempt to distance Britain’s third biggest bank from the aggressive, high-risk culture championed by his predecessor, Antony Jenkins said Barclays would put ethics above earnings at the bank, which has become a focus for public anger at the excesses of the financial sector.
“Barclays is changing. There will be no going back to the old way of doing things. We are changing the way we do business. We are changing the type of business we do,” Jenkins said.
“I understand why there is cynicism and scepticism out there, given the track record of banks in the past. You should judge us by what we deliver in the next one, two, five or 10 years,” he said at a news conference.
