Barclays To Axe 20,000 Jobs By End Of 2016

Barclays To Axe 20,000 Jobs By End Of 2016

Barclays will detail plans on Thursday to cut approximately 20,000 jobs by the end of 2016 as the bank’s chief executive steps up his efforts to tackle its bloated cost base.

Sky News can reveal that Barclays intends to axe just under 15,000 jobs this year, up from a 10,000-12,000 range indicated at its full-year results in February.

It is then expected to cut more than 6,000 additional roles at its investment bank during the following two years, meaning that well over a quarter of the division’s 24,000 workforce will have been culled by the time the restructuring is completed.

Other cuts are also expected to be outlined.

Antony Jenkins, Barclays’ chief executive, will set out the cost-cutting plan in an announcement that will be closely scrutinised by the City for evidence that he can successfully eradicate costs and improve returns to shareholders.

Insiders said that Mr Jenkins’ blueprint for the future of Barclays, which will include the creation of a new non-core unit, would firmly distance his strategy from that of his predecessor, Bob Diamond, whose oft-stated ambition was to lead a global universal bank.

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