Barclays Considers Cutting 25% of Jobs
Barclays is reportedly considering deeper job cuts that will see its workforce reduced by about 25% over the next few years. The bank employed about 132K people at the end of December and announced plans last year to cut 19K jobs by 2016. Additional cuts under consideration could leave the bank with fewer than 100k employees, reports Bloomberg. Former CEO Antony Jenkins, who left the company last month, announced last year’s cost-cutting program. John McFarlane took over as chairman in April and has seen shares rise about 12% under his watch, spurred in part by his pledge to tackle a “cumbersome and bureaucratic” bank. McFarlane was previously with UK insurer Aviva PLC and earned a reputation for deep cost cuts. He has also signaled he will focus on boosting revenue and told employees he aims to double the share price over the next three or four years. [Bloomberg]
