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Barclays to cut 7,000 UK jobs in 2014

by Michelle Abrego on Feb 11, 2014 at 09:58

Barclays to cut 7,000 UK jobs in 2014

Barclays has announced plans to cut 7,000 UK jobs this year.

The bank said it planned to cut between 10,000 and 12,000 jobs in 2014, including 7,000 in the UK.

Barclays said the job cuts would hit 820 senior manager roles, of which 220 were managing directors and 600 directors. About 400 of those senior job cuts are from the investment bank.

Barclays said it was hopeful it could achieve the majority of the cuts voluntarily.

In January, Barclays denied reports that it planned to shut 400 UK branches but said it would close branches ‘over time’ due to changes in technology and customer behaviour.

The fresh job cuts come after the bank cut 7,650 roles last year.

The bank's total bonus pool for 2013 rose by 10% to £2.38 billion, from £2.17 billion in 2012, with the investment bank's bonus pool increasing by 13%.

According to the BBC, chief executive Antony Jenkins (pictured) said: ‘At Barclays, we believe in paying for performance and paying competitively.’

Jenkins has waived his own annual bonus.

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