Bloomberg News

Barclays Investors Ask Agius to Shrink Bank, Sunday Times Says

July 29, 2012

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 (SDR), 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 newspaper said, without identifying the shareholder.

The investors said Barclays could exit areas such as Asian and European equities, according to the report. London-based Barclays spokesman Giles Croot declined to comment when contacted by phone.

To contact the reporters on this story: Erik Larson in London at elarson4@bloomberg.net; Stephen Morris in London at smorris39@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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