Mar 29, 2019

Barclays traders ponder future without bullish boss

After taking charge of Barclays' investment bank two years ago he decorated his office with a vast painting of a naked Minotaur. Barely two years later, Mr Throsby has been ousted in a shake-up that gives Mr Staley direct control of the still-controversial investment bank. Britain's last investment bank with global ambitions now seems set for another period of uncertainty as it braces for both a precipitous drop off in client activity and a push by activist investor Edward Bramson to join the bank's board so that he can cut trading operations to the bone. Shareholders are also unsettled by a 42 per cent plunge in Barclays shares since Mr Staley took over in December 2015, underperforming the 4 per cent fall in the benchmark UK banks index. The wider environment suggests worse times ahead. UBS boss Sergio Ermotti said last week that its investment bank had one of its worst starts to the year in recent history, with revenues in the first quarter down about a third.

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