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Opinion
Lionel Laurent

Barclays Has an Ultimatum

Banks need some clients more than their clients need them.

It's a Christmas fairy tale. After a 30-year sleep, during which costs have run out of control, investment banks have suddenly woken up to the fact that thousands of their customers don’t make them money.

Cursing the ogres of Basel, they find a magic marker pen and cross the freeloaders off their client lists. It all ends happily ever after, with increased revenue from customers and reduced costs for the lenders.