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Chief executive Antony Jenkins told The Sunday Times newspaper that there was “no doubt” that tough banking sector regulations would “make some activities in investment banking difficult to make an adequate return on”.
He added that profits would be hit by British plans to force banks to ringfence their retail activities.
At the same time, Europe’s major banks will also be forced to hold more cash as a buffer against any other financial crises, under looming Basel III rules.
“There are a number of external factors coming down the line and regulation is clearly a very powerful one,” Jenkins told The Sunday Times.
In a separate interview, the new Barclays chief added that he wanted to do more “listening than talking” as he seeks to turn the group’s fortunes around.
“I’m going to spend a lot of time with external shareholders. I’ll be listening a lot more than I’m talking. That’s an important way of operating,” he told the Sunday Telegraph. “I want to hear what’s on investors’ minds. If they’ve got concerns about how we run the bank, then I would anticipate we’ll change the way we do business.”
Jenkins, formerly Barclays’ retail and business banking boss, was appointed chief executive last Thursday with immediate effect. —
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