Barclays Investors Ask Agius To Cut Bank Size, Sunday Times Says

staff
July 29, 2012 12:45 AM

Share This:

Barclays Investors Ask Agius To Cut Bank Size, Sunday Times Says

Barclays Plc (BARC) should use the exit of former Chief Executive Officer Robert Diamond as a chance to cut its investment bank’s size and reduce pay, some of its biggest investors told the lender in letters, the Sunday Times reported.

Schroders Plc, one of Barclays’ institutional investors, wrote to outgoing Chairman Marcus Agius asking him to seize the “unique opportunity” to change the bank’s strategy, the Times said. One of the bank’s 10 biggest investors told Barclays it should reduce costs by 15 percent, the Sunday Times said, without identifying the shareholder.

The investors said Barclays could exit areas such as Asian and European equities, according to the report.

Bloomberg‎