Cut in African stake signals latest strategy shift by new Barclays CEO
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London
THE British bank Barclays said on Tuesday that it planned to cut its stake in its African business, slash its dividend and focus its strategy around two divisions: its British consumer bank and its corporate and investment bank.
The strategy shift signals the latest change by James E Staley, who joined as the lender's chief executive in December, as he looks to turn around its operations and move away from a game plan outlined by his predecessor two years ago.
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