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Barclays may cut down in Europe

Barclays is considering withdrawal from continental Europe, as part of a strategic review undertaken by Antony Jenkins, chief executive. This may include the sale of its business in France, Spain, Italy and Portugal. Jenkins hopes it will relieve some of pressure Barclays is under at the moment from shareholders and the City, as well as politicians. Earlier, Ros Stephenson, chairman of investment banking at Barclays, has quit to join UBS. The departure followed the resignation last week of Hugh ‘Skip’ McGee, chief executive of Barclays Americas and one of the bank’s best known dealmakers. Robert Morrice, chairman of Barclay’s Asia-Pacific business, is retiring after 17 years.

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