Barclays to cut 30,000 jobs

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Barclays is to make more than 30,000 job cuts across the group as part of a radical cost-cutting programme in the wake of the departure of chief executive Antony Jenkins.

The Times reports the bank could see its 132,000-strong workforce fall to below 100,000 by the end of 2017, so that the lender can achieve its target of doubling its share price and address underperformance.

The restructure is said to focus on automating manual processes within the retail bank, with job losses hitting staff in the bank’s middle and back office operations.

Under Jenkins’ leadership, the bank has already reduced its headcount by 12,000 and delivered over £2bn in costs. But bank shareholders are reportedly disappointed that cost savings have not been delivered faster, particularly in comparison with banks such as Lloyds Banking Group and Royal Bank of Scotland.

The bank announced earlier this month it had sacked Jenkins after non-executive directors decided new leadership was needed. He will continue to be paid his £1.1m salary, £950,000 in Barclays shares, £363,000 pension allowance and other benefits until July 2016.

Barclays declined to comment to the newspaper.