03292017Wed
Last updateFri, 24 Mar 2017 12pm

 

Barclays to cut jobs

Barclays is planning to cut more than 30,000 jobs in the next two years.

 

News of the redundancy programme emerged on Sunday with the Times newspaper reporting that it could reduce the brand’s global workforce by 100,000 by the end of 2017.

The latest round of banking redundancies follows in the footsteps of the firing of former CEO Antony Jenkins earlier this month. Sir Michael Rake, deputy chairman of Barclays claimed that Jenkins had left the bank due to the need for a “new set of skills for the period ahead.”

He said: “We need to improve revenue, costs and capital performance. We also need to be more externally focused dealing with internal bureaucracy by becoming leaner and more agile.” In the past six years, Barclays has reduced its headcount by 12,000 and under a redundancy programme introduced in 2014 it has saved £2 billion.

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