Barclays needs faster cuts at investment bank: analysts

London

BARCLAYS Plc, the UK's second-largest lender by assets, needs to speed up cuts at its investment bank to meet profitability targets, according to analysts at Citigroup Inc.

Chief executive officer Antony Jenkins, 53, has targeted a 12 per cent return on equity by 2016, vowing to "do whatever it takes" to fix the investment bank, Barclays's least profitable unit.