
John McFarlane, who has become executive chairman of Barclays until a successor for former CEO Antony Jenkins is found, said that existing management plans had set shareholder value creation too far out in the future. Barclays shares stand where they did six years ago, and the dividend is flat.
He stated that more branches would close and jobs would go. “Barclays is not efficient,” McFarlane said, while pointing out that the bank needed more “energy and speed of decision-making”. Barclays has, however, revealed in a statement that profits had increased by four per cent in both the retail and corporate bank, to £1.5bn, and by four per cent in Barclaycard to £795m. According to the Telegraph, “statutory pre-tax profits came in at £3.1bn for the first half, up 25 per cent on the same period of 2014. African banking profits rose by 12 per cent to £540m, while investment banking profits soared 36 per cent to £1.4bn.”- OakNorth Bank gains license and aims its proposition firmly at SME lending
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