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July 1, 2013

Barclays’ threat on lending under fire

Antony Jenkins, Barclays chief executive, has come under fire for threatening to curb lending to businesses to meet more stringent capital requirements imposed by UK regulators.

Robert Jenkins – a former member of the Financial Policy Committee, the UK’s new stability regulator – criticised the warning as either “hubris, reflex or plain stupidity” in a letter published by the Financial Times.

An outspoken advocate of tough bank regulation who has worked in banking and asset management, Robert Jenkins left the committee earlier this year after not being reappointed by George Osborne, chancellor.

He said there were a number of measures Barclays could take to meet its capital commitments, such as retaining earnings, raising equity, cutting costs or reducing bonuses.”

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Read full Financial Times article here

 
 
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