Barclays must cut bureaucracy, exit some countries, new boss says

LONDON, July 29 (Reuters) - Barclays (LSE: BARC.L - news) needs to cut back in countries where it lacks scale or strength and must cut bureaucracy to deliver on plans to turn the British bank around, its new chairman said on Wednesday.

"Barclays remains far too hierarchical, bureaucratic and group-centric to deliver the required outcomes. I therefore want to see much more streamlined processes," Chairman John McFarlane told analysts after reporting a rise in quarterly profits.

He said Barclays had three core markets in Britain, the United States and South Africa and had to reassess its network beyond that. The bank should scale back of exit countries where it does not have "a clear competitive advantage in specific products or markets." (Reporting by Steve Slater; Editing by Matt Scuffham)