Barclays chief executive Antony Jenkins has outlined his vision for a dramatically streamlined bank at a meeting with shareholders, according to reports.
Jenkins (pictured) said his priority was to find a way for the bank to operate with as few as 100,000 staff, a dramatically lower figure than the 140,000 the bank currently employs.
‘He said the question is: “how can you eventually turn this bank into one that can operate with 100,000 staff instead of 140,000,’ according to one person present at the meeting, quoted in the Financial Times.
The FT cited people close to the situation as claiming the reference to job reductions was not a target but an aspiration for the next 10 years.
A Barclays insider added to Sky News that the comments should be regarded as ‘blue-sky thinking about the long-term future’, with Jenkins anticipating the impact of growing automation within the banking sector.