Barclays plans to cut more than 30,000 jobs: The Times

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

REUTERS: Barclays Plc plans to cut more than 30,000 jobs within two years after firing Chief Executive Antony Jenkins this month, The Times reported on Sunday.

This redundancy program, which could reduce the bank's global workforce below 100,000 by 2017 end, is considered as the only way to address the bank's chronic underperformance and double its share price, the newspaper said, citing senior sources. (http://thetim.es/1CKc13g)

These job cuts are likely to affect staff at middle and back office operations, where largest savings are achieved, the Times said.

The paper said that a potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ousted boss.

Barclays deputy chairman Michael Rake joined payments processing firm Worldpay as its new chairman in mid-July.

Barclays could not be reached immediately for comments outside regular business hours.

(Reporting by Rishika Sadam in Bengaluru)

- Reuters


Click here to view the whole thread at www.sammyboy.com.