These newly freed savings flowed disproportionately to the United States, where as a consequence one must assume risk-adjusted returns were perceived to be highest. Apparently, rapid U.S. productivity gains not seen elsewhere raised expectations for the return to capital on U.S. assets.
Our problem is somewhat smaller, and certainly less intractable – provided we have an open mind about it. Someone has said: “More powerful than the will to win is the courage to begin.” In the case of Barclays, we have amply demonstrated the courage to begin the process of restructuring.