Barclays to cut 14,000 jobs this year, half in UKMay 8, 2014 - 13:00 AMT 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |