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08/05/2014
Barclays To Axe 10,000 UK Jobs
Barclays is to cut approximately 20,000 job cuts by 2016.
The firm said it is part of a new strategy.
The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
The Barclays' plan also includes the set up of a "bad bank" which will eventually sell £115bn of non-core operations with £90bn of the investment bank assets and all of its European retail banking operations among them.
Spain, Portugal, Italy and France retail banking will be moved to non-core operations.
Barclays' chief executive Antony Jenkins said: "This is a bold simplification of Barclays, we will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage."
(CVS/CD)
The firm said it is part of a new strategy.
The number of job' reductions is bigger than the 10 to 12,000 the bank announced earlier this year. Around 14,000 cuts will be made during 2014.
The Barclays' plan also includes the set up of a "bad bank" which will eventually sell £115bn of non-core operations with £90bn of the investment bank assets and all of its European retail banking operations among them.
Spain, Portugal, Italy and France retail banking will be moved to non-core operations.
Barclays' chief executive Antony Jenkins said: "This is a bold simplification of Barclays, we will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage."
(CVS/CD)
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