Barclays to Cut at Least 3,700 Jobs

Barclays (NYSE: BCS  ) today announced the outcomes of what it terms a "strategic review," including the elimination of a minimum of  3,700 jobs, about 2.6% of its work force.

As part of a set of measures aimed at cutting costs and refocusing the bulk of its efforts on the U.K., the U.S., and Africa, the bank is to make the job cuts in its corporate and investment bank and its Europe retail and business banking segments. Approximately 1,800 eliminations are to come in the former, and 1,900 in the latter. The bank expects this to result in a restructuring charge of about $783 million in Q1 2013.

Barclays said of its strategic review that "we expect to make good progress toward our financial commitments by 2014 and deliver them fully during 2015."

The bank currently employs around 140,000 people.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2250416, ~/Articles/ArticleHandler.aspx, 10/24/2014 4:44:36 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement