Barclays is reportedly planning to shift its businesses into eight entities in response as BOE’s overhaul looms, which required British lenders to segregate retail operations from riskier investment banking arms.
Citing an internal bank document, Bloomberg reported that the lender at present is lender is reviewing whether to put its British and European retail operations, its US holding company and a subsidiary carrying out back-office functions within a firewall, separating them from five other entities including a derivatives trading arm.
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The proposals are scheduled to go to the board on December 11.
"US and UK structural reform requirements are driving the breakup of the single Barclays Bank Plc entity construct," the bank’s document read. "The resulting isolation of capital and liquidity forces us to consider a new optimization of the broader group."
However, a spokesman of Barclays told Bloomberg that the document’s contents are "not reflective of current thinking."
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