From the moment it passed his lips in 2011, former Barclays’ CEO Bob Diamond probably regretted saying that the time for apologies in banking needed to be over. His predecessor, it seems, is faring little better at judging the mood.

Barclays is preparing to scale back its investment banking arm and cut costs in a bid to boost returns, according to reports, with chief executive Antony Jenkins set to report back to investors on a new plan for the unit by summer. The news was first reported by the FT last night.