Antony Jenkins

The risk is that incumbents will be pushed into this utility, capital-heavy role that we've seen in other industries like telecoms. Ultimately, that will become intolerable to shareholders, so we could see consolidation and mergers.

If banks want to really compete for talent successfully, they are going to have to make themselves interesting places to work. It can't just be about the money, because frankly the money isn't going to be there the way it was before 2008.

We are leaving value on the table and a new approach is required. As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it, we therefore need to improve revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile.

I regard the behavior at the center of these investigations as wholly incompatible with our values, and I share the frustration of colleagues and shareholders that matters like these continue to cast a shadow over our business.

There are multiple major change programs in flight across the Group, designed to achieve our ambitious goals, and which will in turn help to drive the sustainable returns our shareholders deserve, a Group COO will give us additional leadership bandwidth and capability to make that happen.