Finance
Barclays Bankers on Edge as Town Hall Lays Out Overhaul Challenge
- Paul Compton tells investment bank staff unit needs to grow
- CEO Venkatakrishnan is expected to unveil overhaul in February
The headquarters of Barclays Plc in the Canary Wharf financial district in London.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
For traders and investment bankers inside Barclays Plc, the message came from on high: Their unit is sucking up too much capital relative to other parts of the bank.
It was Paul Compton, head of the firm’s corporate and investment bank, who delivered the news to his staffers in a town hall at the firm’s headquarters in London’s Canary Wharf this week, according to people who were present and asked not to be named discussing a non-public event. The answer, Compton said, was finding more profitable ways to use the capital it’s been allocated.