LONDON (Alliance News) - Barclays PLC's new chairman has told executives working on the group's effort to separate its retail bank from its investment bank to either acquire an entity with a banking licence or apply for a new one, according to a Financial Times report on Sunday.
The report said that John McFarlane, who is acting in an executive capacity after the banking group sacked Antony Jenkins as chief executive last week, is planning for new rules that require the establishment of a ringfence by 2019.
According to the FT, Barclays is the only bank that requires an extra licence for its ringfenced unit.
http://www.ft.com/cms/s/0/595894e0-288d-11e5-8db8-c033edba8a6e.html#axzz3fi8rnSnQ
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Barclays (BARC)
