Fitch Ratings said on Wednesday it may downgrade the United Kingdom’s ‘AA’ debt rating based on growing uncertainty about the negotiations between Britain and the European Union over the nation’s departure from the economic bloc next month.
“Downgrade would not be beneficial to the U.K. by any means. We do think the markets are pricing in a fairly negative story right now. So overall let’s see what happens. It will be great to have this uncertainty behind us. But Barclays is standing by, ready to help our small businesses, corporates and consumers no matter what happens,” Staley said.
Barclays, along with other European banks, has been under pressure due to the uncertainty surrounding Brexit.
The bank was recently also in the news after a report in the Financial Times stated that U.S. hedge fund Tiger Global Management sold all of its stake in Barclays.
The New York-based hedge fund had been one of the top 10 investors in Barclays and held a stake of 2.5 percent in the bank.
The exit comes at a time when Barclays is facing pressure from activist investor Edward Bramson forcing his way on to the board. Bramson’s Sherborne Investors holds a 5.5 percent stake in the bank.
According to Reuters, Bramson has in the past urged Barclays to reduce resources allocated to its investment units.
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