A slide in trading revenue due to investor uncertainty and tough post-crisis regulation combined with a string of senior staff departures and a row with shareholders over bonuses have forced Jenkins to take a knife to the investment bank, built up under predecessor Bob Diamond and once the firm's profit engine. Jenkins said the recent halt in the trading boom was not just a cyclical ebb but was partly permanent, as regulators have tightened the screws on large banks in the past 12 months, making some trading activities too costly to pursue.

http://www.thetimes.co.uk/tto/business/industries/banking/article4084015.ece