Barclays mulls eight-way restructuring as Bank of England overhaul looms

London

BARCLAYS is considering shifting its businesses into eight entities in response to rules forcing Britain's largest lenders to separate retail operations from riskier investment banking units, an internal document shows.

The 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, according to the document obtained by Bloomberg News. The proposals will go to the board on Dec 11.