Barclays to Cut 15,000 Jobs

[Porker]

Barclays staff are braced for thousands of job losses as part of a far-reaching strategic review designed to cut costs and revitalise its struggling investment bank.

 

Britain’s third biggest bank is expected to announce the job losses, which could amount to as many 15,000, alongside a radical restructuring focused on its investment banking operations.

 

Antony Jenkins, the bank's chief executive, is expected to announce the closure of business areas that were once among the best performing in the bank, including commodities, emerging market fixed income and parts of its operations in continental Europe and Asia.

 

The 300-year-old bank, which operates in 50 countries and employs 140,000 staff, is expected to announce the creation of a new “bad bank” that will oversee the sell-off of the non-core assets.

 

Even so, some analysts have argued that the overhaul won’t be enough to achieve the bank’s profitability targets. In a note on Wednesday, analysts at Citigroup said Barclays may have to delay its target of an 11.5pc return on equity by a year until 2017.

 

[Enye]

not scared not scared

 

my friend working there is still happily staying in a landed property

 

and waiting for condos to TOP to rent out

 

 

 

[Jamesc]

 

 

The 300-year-old bank, which operates in 50 countries and employs 140,000 staff, is expected to announce the creation of a new “bad bank” that will oversee the sell-off of the non-core assets.

 

 

 

140,000 employees? What do they all do?

 

Anyway 15,000 from 140,000 is just 3.75%.

 

Not much of a dent when they are going for cost cutting.

 

I wonder what people in a "bad" bank do? Bad things?

 

Sounds like more fun to work a bad bank than a good one.

 

Wouldn't it be ironic if they only retrench people in the good bank

 

and staff have better job security working in a "bad" bank.

 

Then it doesn't pay to be good as I have always claimed.

 

Edited May 8, 2014 by Jamesc

[Carnoob]

This is old news leh... they made this announcement since beginning of this year...

 

http://www.mycarforum.com/topic/2693083-barclays-cut-12000-jobs/?hl=barclays

[Porker]

This is old news leh... they made this announcement since beginning of this year...

 

http://www.mycarforum.com/topic/2693083-barclays-cut-12000-jobs/?hl=barclays

 

They re-announce lor. In fact the interview with Jenkins is live on CNBC now and the figure has been adjusted to 19,000.

[L_club23]

Still paymasters though...

[Little_prince]

Still paymasters though...

lol. heng u didn't get the barcap job.

[Throttle2]

lol. heng u didn't get the barcap job.

Oh he was going for a Barclays job?

[Wt_know]

the big whale

cut 15,000 cut 19,000 jobs

sup sup water

senior management and top banker still take home million dollar bonuses

no scare ... no sweat

Edited May 9, 2014 by Wt_know