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Job cuts at banking giant Barclay's imminent

By kateclarke  |  Posted: May 08, 2014

By Kate Clarke / kate.clarke@swwmedia.co.uk / @kteltowers

Barclay's bank is expected to announce branch closures on top of job cuts.

Barclay's bank is expected to announce branch closures on top of job cuts.

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BARCLAY'S is due to announce up to 14,000 job cuts, largely in the UK.

Although the job losses will be mostly in the investment bank, Barclays' retail operation will not be immune.

It has been reported that Barclays' chief executive, Antony Jenkins, would like to see the global workforce of the bank fall over the next six years from 140,000 to 100,000.

On top of cutting staff, the bank is expected to announce that it will slash the number of branches. At the moment Barclays has 1,600, but that could fall by 400 during the next few months.

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The investment bank has been hit by a slowdown in the demand for government and company debt - or bonds and overall Barclays' first quarter pre-tax profits were down 5%.

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