Barclays to Cut 14,000 Jobs

Share On Facebook
share on Linkedin
Print

About 14,000 jobs will be lost by the end of 2014 at Barclays (LSE:BARC) as the bank revealed its earlier promised strategy moving forward after adjusted profits for the first quarter of this year fell.

© Image copyright tjeerd

In a statement today, Barclays said half of the job cuts will come from the group’s investment arm, which saw a 28 percent plunge in income to only £2.49 billion during the January to March this year compared to the same period last year.

The job cuts go alongside a restructuring of the bank’s business with four core businesses and a non-core banking arm to be charged with the disposal of about £115 billion worth of assets.

Bold Simplification

Barclays Group Chief Executive, Antony Jenkins, refer this move as a “bold simplification” of the bank to focus only “in areas where we have capability, scale and competitive advantage”.

Jenkins, in a statement, envisions a “leaner, stronger, and much better balanced and well positioned” Barclays “to deliver lower volatility, higher returns, and growth.”

Barclays plans to reduce its investment banking’s share in overall business from 50 percent in the current position to only about 30 percent, resulting in a 7,000 job cuts by 2016.

In London, the market welcomed the announcement as shares went up 2.9 percent to 250.25 pence, minutes after trading commenced on the London Stock Exchange.

A webcast presentation is to commence at 10:00 GMT.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20210418 23:06:47