UK’s Barclays bank to slash 20,000 jobs

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Britain’s second biggest bank in terms of assets Barclays is expected to announce plans for over 20,000 job cuts out of its 140,000-strong global workforce for the next two years, British local media report.

Britain’s Sky News reported on Wednesday that the bank intends to remove almost 15,000 positions by the end of this year and some 6,000 others by 2016.

Antony Jenkins, Barclays’ chief executive, will make the official announcement over the issue later on Thursday.

The planned job cuts, which are part of the banking giant’s restructuring plans, will affect its workforce in the UK and other countries.

Barclays is also likely to significantly trim the number of its branches over the next few months. The bank’s current 1,600 branches are expected to fall by 400 in the near future.

The troubled bank has come under fire for increasing bonuses for its managers by ten percent from £2.17 billion in 2012 to £2.38 billion in 2013 while profits fell sharply at the time.

Barclays’ reputation has also been tarnished over its involvement in a rate fixing scandal and manipulation of foreign exchange trade.

The bank was fined £290 million ($454 million) in 2012 by British and US regulators over the manipulation of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor) between 2005 and 2009.

 

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