Barclays Sees Opportunity in Africa: CEO
Jenkins was named CEO in August 2012 after a rate-rigging scandal led to the ouster of his predecessor, Bob Diamond. Since then, Jenkins has embarked on a massive reorganization.
Last month, Barclays announced it would cut at least 3,700 jobs in 2013 as part of a strategic overhaul and Jenkins said the majority of the job reductions have been made. Barclays expects this overhaul to boost its return on equity above its cost of capital by 2015.
(Read More: Barclays to Axe at Least 3,700 Jobs in 2013)
The company also plans to cut or claw back about 450 million pounds ($680 million) of pay from its staff over the rate-rigging scandal.
(Read More: Barclays to Cut Pay by $890 Million Over Scandals)
Barclays expects just modest revenue growth over the next few years as the global economic and regulatory environment remains challenging.
"I believe we are operating in a fundamentally different atmosphere to the one that affected the industry in the last 30 years," the banker said, citing more regulation, more nationalism, less globalization and "certainly a weaker macroeconomic environment."
"We expect quite modest income or revenue growth in the low single digits," Jenkins said. "We've committed to take 1.7 billion pounds ($2.6 billion) out of the cost base. That allows us to be confident that we can deliver a return on equity above the cost of equity in 2015. We've also committed to progressively increasing our dividend."
Jenkins said the bank will start to raise its dividend next year. The company will not need to raise equity capital and expects to build capital over time through retained earnings.
The CEO also said Barclays remains committed to its investment-banking business and expects to be one of the few global investment banks in the world. And despite calls to clamp down on compensation, Jenkins said the bank is confident it can still compete for talent.
The company is focusing on opportunities where economies are growing such as the U.S., UK and Africa, Jenkins said.
"I think Africa is a great opportunity and the macroeconomic environment is very favorable. Jenkins said, adding, "There's increasingly social and political stability."
Barclays is the largest bank in Africa. "We've been in many of these countries for over 100 years and that's a real competitive advantage," the CEO added.