LONDON, July 29 (Reuters) - Barclays needs to cutback in countries where it lacks scale or strength and must cutbureaucracy to deliver on plans to turn the British bank around,its new chairman said on Wednesday.
"Barclays remains far too hierarchical, bureaucratic andgroup-centric to deliver the required outcomes. I thereforewant to see much more streamlined processes," Chairman JohnMcFarlane told analysts after reporting a rise in quarterlyprofits.
He said Barclays had three core markets in Britain, theUnited States and South Africa and had to reassess its networkbeyond that. The bank should scale back of exit countries whereit does not have "a clear competitive advantage in specificproducts or markets." (Reporting by Steve Slater; Editing by Matt Scuffham)
Barclays (BARC)
