Barclays’ (LON:BARC) decision to appoint internal candidate Anthony Jenkins as its new chief executive was the right decision according to big fan Investec.
Outspoken analyst Ian Gordon who in July said then chief executive Bob Diamond was “going nowhere” just days before he resigned following the LIBOR scandal, said he was delighted with the appointment of Jenkins.
“Notwithstanding unwelcome external noise, he is extremely well placed to harvest Bob's rich legacy,” said Gordon.
Reports at the weekend quoted Jenkins as saying he would scale back investment bank arm BarCap because of tougher regulations and a stalled global economy.
Investec pointed out that under Bob Diamond's leadership, BarCap had already cut costs by £1 bln in 2011 and had increased its market share.
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