Barclays and Standard Chartered eye merger

According to reports 

Barclays is eyeing a merger with rival bank Standard Chartered, according to reports.

However, no formal bid has been made yet.

Stanchart said it’s “entirely focused on executing our strategy, and [does] not comment on this type of speculation.”

The FT reported that one director each from the two London-headquartered banks met to discuss the possible benefits of merging. The news comes as Barclays is trying to improve its financial performance following pressure from investors over its under-performing investment bank unit.  Barclays and Standard Chartered declined to comment.