He announced the closure of the tax avoidance unit and 3,700 job cuts, as well as a drive to increase transparency and the launch of a reputational study of internal operations. Jenkins admitted the bank had ‘got things wrong’ and added that a ‘new course’ was being set.
How I see it
Clinton Manning, partner, Pelham Bell Pottinger
The merits of media training were clearly evident as Barclays’ boss unveiled his vision for a better bank. Antony Jenkins’ review was widely trailed yet remained fresh and punchy enough to grab headlines.
After interviewing him on the Today programme, Evan Davis tweeted praise for Jenkins’ ‘succinct and straightforward’ style.
He’d clearly talked the talk. The acid test will be convincing people his speech is more than rhetoric. Can he walk the walk? Early signs are promising. Jenkins stresses the need to ‘shred’ parts of Barclays’ past and accepts it will take years to change perceptions of bankers.
But he is taking radical action, closing parts of Barclays’ sprawling empire. This is doubtless easier in a climate where deals for investment banks are as rare as 100 per cent pure beefburgers – but he’s not ducking tough decisions.