Barclays' new boss Antony Jenkins has vowed not to break up the bank by axing its investment banking operation.
On an investor conference call yesterday, Barclays new chief executive pledged to make "quick and bold" reforms to restore the beleaguered bank's reputation, the BBC reported.
However, Jenkins said there were no plans to break up the bank and sell off its investment arm.
He said that a "premier investment banking franchise" was necessary and stressed "I have been, and continue to be, a supporter of Barclays' universal banking model" which unites high street and investment banking.
Barclays has been embroiled in scandal in recent months over its traders' manipulation of LIBOR.
The scandal cost former chief executive Bob Diamond his job and the bank was fined £290m by the US and UK financial regulators.
New boss Jenkins has said the bank is moving quickly to halt the activities which hurt the bank's reputation in the past. It is conducting a commercial review set to be published in the first quarter of next year.
Jenkins said the review could lead to the curtailing of Barclays' tax planning operations, which have attracted controversy in the past, and the axing of derivatives sales to consumers and small businesses.
The commercial review will be far-reaching, assessing every Barclays business, added Jenkins.
"My expectation is that we will identify sources of inefficiency and under-performance that we will need to change," he said. "No businesses will be out of scope; we will move quickly and be bold.
"However you should not expect me to announce the breakup of the bank or the exit from whole business lines," he stressed.
One of his first moves will be to get rid of return-on-equity targets, a measure of shareholder return originated by predecessor Diamond, and replace them with a flexible target for how much he hopes to beat the bank's cost of capital from next year.
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