Barclays cuts a further 140 jobs in savings drive

Marion Dakers
BARCLAYS is cutting 140 jobs in its corporate business arm as part of the bank’s plan to slash costs and bring its five divisions closer together.

Around 40 voluntary and 100 compulsory redundancies will be in the UK infrastructure operations for Barclays Corporate, which is being brought closer together with the Barclays Capital arm.

The cuts come just two months after Barclays Corporate cut about 500 infrastructure jobs. It employs just over 11,000 staff.

Barclays cut 1,400 staff in the first half of the year and chief executive Bob Diamond has said it is likely to shed about 3,000 this year, or about two per cent of its 146,100 workforce.

Barclays’ plans mirrors those of most big banks including Credit Suisse and UBS, who have unveiled swingeing job cuts this year.