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The hedge fund had bought most of its roughly 2.5 percent stake
in Barclays in November, FT reported, citing a person familiar
with the matter. http://on.ft.com/2G2ihqK
Tiger Global Management is also extending a vote of confidence
in Barclays Chief Executive Jes Staley's plans to strip back the
bank to concentrate on its U.S.-led investment banking
operations and its British-based consumer banking business, the
report said.
Barclays did not respond to a request for comment outside
regular business hours. Tiger Global Management said the hedge
fund had no comment on the report.
Staley has championed investment banking amid calls from some
analysts and investors to ditch a business which has in recent
years struggled to match the profitability of Barclays' more
mundane retail and credit card units.
Investment banks globally have struggled in recent years to make
returns in excess of their cost of capital, as tighter
regulations, pressure on fees from automation and low global
interest rates combined to squeeze profits.
Barclays is cutting up to 100 senior jobs at its investment
banks, Reuters reported on Wednesday.
In 2016, around 1,000 jobs were cut from Barclays' investment
banking business worldwide in an attempt to reduce costs and
boost revenues. Barclays cut a total of 10,000 employees that
year alone.
(Reporting by Kanishka Singh in Bengaluru; Editing by Adrian
Croft and Paul Simao)
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