Stay connected:
Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a664535
Barclays boss hints at huge job losses
Markets
by Daniel Grote on Mar 08, 2013 at 07:31
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.
News sponsored by:
Today's top headlines
More about this:
Look up the shares
What others are saying
Archive
Aberdeen Live supplement: Fundamentals point to ongoing flows and solid returns from EMD
After a record year for inflows and market-leading performance in 2012, emerging market debt has taken a large step towards the mainstream. Our recent debate covers the outlook for the asset class this year and where opportunities can be found.
On the road
Click here to find out more from the Audience Development team.
1 comment so far. Why not have your say?
Teddy
Mar 09, 2013 at 13:28
Ah, the old chestnut and wait for it coming. I suspect it will be something like this. " We will put technology at the heart of what we do - not just in our operating systems. We will invest significantly in our approach to client connectivity and prospecting."
Its time for the nightmare scenario - bring on Avaloq, the Swiss operating system. Look at the mess, in terms of customer service, of Coutts and Adam & Company that Avaloq has induced over the last 3 years. The one thing that all execs forget when looking at these challenges is that profit comes from and is made by people (staff), not systems or companies. God help Barclays!.
report thisleave a comment
Please sign in here or register here to comment. It is free to register and only takes a minute or two.