Barclays to axe 3,700 jobs in strategic restructuring

City A.M. Reporter
Barclays is to axe at least 3,700 jobs across the company this year, in a bid to reduce the bank’s cost base by £1.7bn in 2015 as part of a strategic restructuring announced this morning.

Within the job cuts, 1,800 will come from the corporate and investment bank and 1,900 will come from within the retail and business banking division.

Chief executive Antony Jenkins said Barclays would focus investment in the UK, US and Africa, and cut back its presence across Europe and Asia. The bank will also cut its structured capital markets division.

Jenkins is targeting a reduction in the bank’s cost base to £16.8bn in 2015, excluding one-off costs of £2.7bn over the next three years.

Unveiling the strategic plan alongside annual results, the bank reported a pre-tax profit of just £246m last year, almost wiping out a £5.9bn profit in 2011 due to charges for compensating customers mis-sold products and a loss on the value of its own debt.