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Barclays is selling its Italian retail banking unit - and will book a £200 million loss

Lianna BrindedDec 3, 2015, 12:55 IST

James 'Jes' Staley, Chief Executive Officer,Investment Bank J.P. Morgan speaks at the Robin Hood Veterans Summit at Intrepid Sea-Air-Space Museum on May 7, 2012 in New York City.Getty

Barclays made it clear that it was looking to return to its investment banking heyday when it appointed former hedge fund executive Jew Staley as its new CEO this month.

Now, only a few days after he joined the group, Barclays announced that it is selling off its Italian retail banking network of 89 branches to CheBanca!, a member of the Mediobanca Group.

The British bank added that it is also selling off a "broadly balanced portfolio of assets and liabilities" to the group.

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