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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.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Clearly the Jenkins years were wasted years and this reflects on the whole Board and the previous Chairman. Jenkins was a £28m plus failure but he still receives a huge payoff which will help him through any period of unemployment. No doubt a lot more than the staff who are to be made redundant will receive. The whole board is responsible.

    • If you think he (Jenkins ) was a waste of time and money I wager he was nothing compared to H Sants !!

      Sometimes failures just keep following you around……

  2. “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.”

    I know I am just an old lefty-looney, but should that target be the sole/main aim of a banking business?

    What about treating your staff fairly, oh and providing decent service to your customers? If you ignore those areas, then your stock will decline in value.

    No doubt Barclays will roll out the usual rubbish about how customer service will be enhanced as a result of these job losses.

  3. Having replaced most front front line staff with Computers in the retail branch, the process of going into a bank has become a vary impersonal experience.

    That being said, I think I prefer the computer to the unenthused business and premier advisers.

    Barclays needs a strategy of how they will increase consumer confidence that they ARE the go to bank. Cutting back resources will not lead to growth of revenue, moreover, it sounds like the Conservatives manifesto has been plagiarised from those in at the top of Barclays Ivory Towers.

  4. It ceases to amaze me at the unbelievable amounts of money paid to senior people in the bank.
    I thought it was bad in 1990 when I left the bank but it continues to get even more ridiculous.
    However there will be no change as this current government go cap in hand with large financial and other PLC’s , who now control the UK decision making much as the USA.

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