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12/02/2013
Barclays Cut 3,700 Jobs
Some 3,700 jobs will be cut by Barclays in an effort to reduce costs by £1.7bn, following a strategic review.
The announcement comes after the bank’s pre-tax profit fell from £5.9bn in 2011, to £248m last year.
The profits fell dramatically after Barclays set aside money to compensate customer’s mis-sold products.
"It will take years before people change their impression of us," Barclays boss Antony Jenkins told the BBC.
Adding: "I'm not daunted by that."
It is understood that 1,800 of the job cuts will come from Barclays corporate and investment bank, with the vast majority in Asia, and 1,900 will come from its European retail and business banking.
Barclays said very few of the job losses would be in the UK.
(H)
The announcement comes after the bank’s pre-tax profit fell from £5.9bn in 2011, to £248m last year.
The profits fell dramatically after Barclays set aside money to compensate customer’s mis-sold products.
"It will take years before people change their impression of us," Barclays boss Antony Jenkins told the BBC.
Adding: "I'm not daunted by that."
It is understood that 1,800 of the job cuts will come from Barclays corporate and investment bank, with the vast majority in Asia, and 1,900 will come from its European retail and business banking.
Barclays said very few of the job losses would be in the UK.
(H)
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Barclays Reports Loss Amid Regulatory Probes
Barclays has reported a pre-tax quarterly loss of £47m. The bank, who reported £2.4bn profit over the same period last year, blamed the mis-selling of payment protection insurance (PPI) costs and a £1bn charge against the value of the bank's own credit. Underlying pre-tax profits for the third quarter reached £1.7bn, compared with £1.3bn last year.
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