U.S. Markets close in 43 mins

Barclays to complete 'necessary transformation' of investment bank, new boss says

LONDON (Reuters) - Incoming Barclays <BARC.L> Chief Executive Jes Staley said he plans to complete a "necessary transformation" of its investment bank and said the British bank must avoid an "adversarial" relationship with regulators.

Barclays on Wednesday said it had picked former JPMorgan investment bank CEO Staley as its new chief executive, effective from the start of December.

His approach to Barclays' investment bank is seen as key. "We will complete the necessary transformation and repositioning of the investment bank to a less capital intensive model," Staley said in a memo to staff.

Barclays has run into trouble with authorities and regulators over past conduct issues, and Staley said his respect for the role of regulators was unequivocal.

"Core to that objective is having relationships with regulators that are collaborative, not adversarial," the memo said, which Staley said set out "a few early thoughts on the direction I see us taking as a company."


(Reporting by Steve Slater, editing by Sinead Cruise)