Link

Barclays : to announce ‘bad bank’ next week – source

Barclays : to announce ‘bad bank’ next week – source

Last year, Barclays Chief Executive Antony Jenkins announced a portfolio of assets termed Exit Quadrant, that it aimed to get rid of; and these assets are likely to go in the non-core portfolio along with commodities assets following last week’s decision by the bank to exit that business, the Financial Times said.

The source said the details had not been finalized and asked not to be named before the plan is announced on May 8.

There are 54 billion pounds of assets in the Exit Quadrant portfolio.

The Financial Times, which first reported the plan to set up a so-called bad bank of assets, said it is also likely to house parts of Barclays’ macro products unit, which includes the trading of interest rate-linked products, currencies and commodities, and some or all of Barclays’ retail banking businesses in France, Italy, Spain and Portugal.

Barclays declined to comment.By Steve Slater and Richa Naidu

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s