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View the article online at http://citywire.co.uk/wealth-manager/article/a645611

Barclays to cut 2,000 jobs in restructure

by Daniel Grote on Dec 14, 2012 at 08:41

Barclays to cut 2,000 jobs in restructure

Barclays is to cut up to 2,000 jobs in its investment arm as part of a restructure of the bank, according to the Wall Street Journal.

It said the cuts were likely to fall within the bank’s Asia and continental Europe divisions, as the bank looks to protect its US and UK wings.

Chief executive Antony Jenkins has been working on an overhaul of the business, which results set to be unveiled in February. Rich Ricci, who leads the bank’s investment arm, is leading the review of that division.

According to the paper, the recommended job cuts haven’t been endorsed by Jenkins or the Barclays board, and the final number could be affected by Jenkins’ review. It added that some senior executives were pushing for larger cuts.

1 comment so far. Why not have your say?

Danb

Dec 14, 2012 at 11:47

Having worked for Barcap int he past, the banks reaction to falling profit is always. They were running everything close to a shoe string when i was there and I cannot see where they can cut further. Maybe taking less profit and letting the workforce carry out the job they need to do without the threat of job cuts all the time, they may perform better and morale would increase.

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