Barclays set to axe hundreds of jobs
Barclays looks set to axe hundreds more jobs, mainly at its investment banking arm, as a result of a strategic review which will report within weeks.
Chief executive Antony Jenkins wrote to all group staff this morning as it announced that the review would be published on May 8, two days after its latest trading update.
He said it would answer questions including how best to “simplify” its operations and which of its businesses it should “focus on and invest in”.
Mr Jenkins warned staff that regulation and the wider economy were having a “significant effect on some parts of our business which we need to address proactively and decisively”.
He added: “The future for Barclays will be as a strong, focused, international bank. And the investment bank will continue to be part of that mix.
“By early May I am confident that we will have... set a clear course for the next stage of our journey to build a better Barclays which can deliver sustainable returns and growth over the cycle.”
The review is likely to mean hundreds of job cuts in addition to plans announced earlier this year by the bank to slash 12,000 posts.
It announced in February that this would mean 7,000 jobs going in the UK, including some branch-based roles and 400 from the investment bank.
Earlier this week, Barclays announced a new director in charge of setting pay and bonuses as it moved to defuse a potential shareholder revolt at next week’s annual general meeting.
The bank, which paid out £2.38 billion in bonuses last year, said Crawford Gillies had been appointed to its board and will succeed Sir John Sunderland as chairman of its remuneration committee.
