Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Barclays to cut 7,000 UK jobs in 2014

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Commodity conundrum, beleaguered bonds and a US dilemma

Commodity conundrum, beleaguered bonds and a US dilemma

This week’s episode of Investment Pulse looks at the impact of falling commodity prices on banks, dangers of negative yield curves and whether US equities can continue to deliver.

Play Mirabaud's Pyshkin: The US will continue to grow dividends

Mirabaud's Pyshkin: The US will continue to grow dividends

The global equity income manager has invested half of his fund here.

Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Wealth Manager on Twitter