Barclays to scale down expansion plans in India

British banking giant Barclays is curtailing international expansion plans under a crackdown imposed by its new head of retail banking, Anthony Jenkins, a media report says.

“Anthony Jenkins, who took over as the global head of retail last month, has told his senior executives that their businesses must be of a meaningful size to merit further investment,” the Sunday Times said. The bank’s ambitions in India are being scaled back, the Sunday Times said, adding that restrictions on foreign ownership there have made it hard for Barclays to expand.

Operations in a number of other countries are being ordered to drop plans for general expansion and instead focus on niche areas. Quoting Jenkins, the daily said, “Barclays will expand only in countries where it is one of the top 10 banks or has a clear route to become one. Some businesses could even be put up for sale or closed down.”