Barclays CEO Jes Staley Upbeat on Turnaround Before Earnings
- Core business to hit cost target this year, Jes Staley says
- Staley comments in Bloomberg TV interview in Singapore
Barclays' Staley on Profitability, Cost Cuts, Brexit
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Barclays Plc Chief Executive Officer Jes Staley cast a positive light on the progress he’s making in his turnaround program, as he reiterated his commitment to shedding lower-priority assets to bolster returns.
The London-based bank’s core consumer and investment-banking businesses generated a return on tangible equity of about 11 percent as of June, higher than the roughly 10 percent cost of capital most banks face, Staley said in an interview with Bloomberg Television’s Haslinda Amin in Singapore. Expense reductions will help the core business hit management’s cost target of 13 billion pounds ($16 billion) this year, he said.