Barclays targets technology with venture capital-style business


LONDON (Reuters) – Barclays (BARC.L) said it has set up a venture capital-style unit to drive innovation and returns within its UK business.

FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/File Photo

The British bank has struggled to deliver on its growth strategy after a decade of restructuring, with investment banking at the core of Chief Executive Jes Staley’s plan for higher returns, despite an underwhelming performance.

Barclays UK Ventures, which will be led by former head of group strategy Ben Davey, will focus on developing new business lines, promoting innovation and driving returns.

The bank will build a team of technologists, developers and entrepreneurs that, working closely with Barclays UK operations, will form partnerships with or take equity stakes in technology firms, Davey said in a statement on Monday.

“The way we will work as a team will look and feel very much…

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