When Jes Staley took over as chief executive of Barclays in late 2015, he knew he wanted to stay committed to the investment bank, but he also knew he needed to cut back its scope. It was spreading itself too thinly, consuming too much capital for too little return. In trying to be everywhere, it risked not really being anywhere.
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Having another stab at building in the developed markets of continental Europe – as the firm had tried to do under chief executive Bob Diamond in the post-crisis years – made sense given its proximity to London.
