Barclays will drop 14,000 jobs this year
After reporting a 28% drop in revenue for the first quarter of this year, the British bank Barclays revealed plans to cut 14,000 jobs this year as part of a new strategy.
However, the number of job cuts is to increase and reach 19,000 by 2016 and might close up to 400 branches.
Barclays aims, by this cut-down, to simplify its operations and rely on domains where it can make an advantage for itself: ‘ This is a bold simplification of Barclays. We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage,’ said Antony Jenkins, chief executive of Barclays.
The cuts will hit mostly the bank’s retail operations in the UK and Africa while retail banking in Spain, Portugal, Italy and France will be shifted to non-core operations.