Member Article

Barclays confirm 14,000 jobs to go this year

Barclays have confirmed that 14,000 jobs are to go this year, as part of a major restructure aimed at delivery better returns.

Around 7,000 jobs will also be shed from the bank’s investment arm by 2016, in what boss Antony Jenkins called a “bold simplification” of the business.

The costs of the restructure are expected to reach £800 million, in addition to the original £2.7 billion announced in February 2013.

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.

“In the future, Barclays will be leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns, and growth.

“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.”

This was posted in Bdaily's Members' News section by Tom Keighley .