Barclays to cut 14,000 jobs this year, half in UK

Barclays to cut 14,000 jobs this year, half in UK

PanARMENIAN.Net - Barclays is to cut 14,000 jobs this year - half of them in the UK - as part of a new strategy, the bank has said, according to BBC News.

The number is higher than the 10,000 to 12,000 jobs that the bank said earlier this year that it wanted to cut.

The investment part of the bank, which has been hit by a slowdown in the demand for government and company debt, will lose about 7,000 jobs by 2016. In total, there will 19,000 jobs lost at Barclays by 2016, with about 10,000 to go in the UK.

Barclays will also set up a "bad bank" which will eventually sell or run down £115bn of non-core operations.

These include £90bn of investment bank assets and all of its European retail banking operations, amounting to £16bn of assets.

Retail banking in Spain, Portugal, Italy and France will be shifted to non-core operations.

The carve-up will give greater prominence to Barclays' retail operations in the UK, its Barclaycard credit card arm and its African business.

"This is a bold simplification of Barclays," said chief executive Antony Jenkins. "We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage."

At the investment bank, 2,000 jobs will go this year, with another 5,000 positions being lost by 2016. The investment bank employs around 26,000 people, a spokeswoman said.

In the first quarter of this year, Barclay's investment banking business was hit by a 28% slump in revenue.

Revenue from trading in currencies, bonds and commodities dropped 41% to £1.23bn.

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