Barclays 'targeting high street bank in US'

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It is understood the firm wants to balance its deposit-taking business against a booming investment banking franchise.

Anthony Jenkins, the new head of Barclays' retail operations, is thought to be putting together a paper to go before the board in the next two or three months.

Shares in Barclays dipped as much as 2% on the news today.

The bank, which posted a 92% rise in pre-tax profits in 2009 to £11.6 billion, has seen the benefits of its high profile deal to buy the North American operations of Lehman Brothers.

A wave of regulation meaning banks will have to hold higher levels of capital to support investment banking activities is thought to have strengthened Barclays' desire to acquire a large deposit base.

Barclays is not thought to have a particular target in mind, but the Financial Times said bankers and analysts suggested SunTrust, PNC Financial and US Bancorp. All of these have received state support.

According to City AM the bank could also consider adding to its retail business in western Europe, adding to recent purchases such as Citigroup's credit card portfolios in Portugal and Italy.

Barclays declined to comment.