Barclays to axe 19,000 jobs by 2016
Bank will also shut hundreds of branches as part of a major strategy review
Thursday 08 May 2014
Barclays is set to axe 19,000 jobs - including 10,000 in the UK- by 2016 and shut hundreds of branches as part of a major strategy review.
The bank will cut 7,000 jobs from its investment banking division by 2016 and the redundancies come on top of already announced job losses across the group of 12,000 for this year, which has now been increased to 14,000. It brings the total cuts by 2016 to 19,000.
It comes two days after Barclays announced that first quarter earnings from the division fell by half, meaning profits at the group slid by 5 per cent.
Barclays is also expected to announce that it will be hiving off underperforming parts of the bank and could close as many as 400 of its 1,600 branches over the next few months. The bank is to put its focus on the UK and US and scale back its Asian division.
Barclays' pre-tax profits fell 5 per cent to £1.7 billion in the three months to end March with all divisions except the investment bank showing growth. Retail banking profits were up 20 per cent, Africa up 25 per cent, Barclaycard 17 per cent and corporate banking up 42 per cent.
READ MORE: Barclays' investment bank profits halve
Barclays boss defends bonuses despite restructuring
Barclays chief executive Antony Jenkins said: “We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage. In the future, Barclays will be leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns, and growth.
He added: "My goal is unchanged: to create a Barclays that does business in the right way, with the right values, and delivers the returns that our shareholders deserve. However, the way in which we will achieve this is different.
Today we are setting out how we will reach that goal and create the 'Go-To' bank for our customers and clients, our colleagues and our shareholders."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...