Staley: Barclays can compete in Middle East

Dubai – Barclays still has “critical mass” to compete in the Middle East and will aim to help local companies raise capital even as it scales back lending, Chief Executive Officer Jes Staley said.

The UK lender has more than 200 employees in the United Arab Emirates after job cuts in the country this year and will continue to operate its corporate, investment banking and wealth management businesses in the region, Staley, 59, said in an interview in Dubai on Thursday. Barclays’s UAE business is “very profitable”, Staley said.