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Barclays Long Term Future - Corporate or Retail

June 9, 2009

Analysis of:BlackRock faces fight for Barclays' BGI | business.timesonline.co.uk

1. The public auction of BGI has now moved from a sale to show shareholders and regulators that Barclays was well capitalised to one now taking the bank into a strategic direction with potential terminal consequences 2. The bank has now come almost completely under the sway of Bob Diamond resulting in a focus onto its wholesale banking activities and away from its high margin retail franchise 3. The sale of its fund management activities is likely to render Barclays unable to capture the full value of lucrative investment products from manufacture through distribution in the future. The softer issues around investors not recognising Blackrock and putting their funds with a US house should not be underestimated.

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