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Home / News / Business News / Barclays to cut more than 30,000 jobs
  • Business

    Barclays to cut more than 30,000 jobs

    Sripriya Yegneswaran
    Written by
    Sripriya Yegneswaran
    Mail
    Last updated on Jul 20, 2015, 03:11 pm
    Barclays to cut more than 30,000 jobs
  • Barclays is planning to cut more than 30,000 jobs within two years. The radical reduction program could reduce the bank's global workforce below 1,00,000 by the end of 2017.

    This was thought to be the only way to address underperformance and to hit the target of doubling the company's share price.

    The job cuts would mostly affect the middle and back office operations.

  • In this article
    LIBOR scandal - who and what? What is Libor and who calculates it? Barclays investment arm under pressure post scandal Antony Jenkins appointed as the new Chief Job cuts under Jenkins Barclays sacks Chief Executive Jenkins Barclays to cut more than 30,000 jobs
  • June-July 2012

    LIBOR scandal - who and what?

    LIBOR scandal - who and what?
  • Libor scandal arose when it was discovered that some banks artificially inflated or deflated their interest rates so as to profit from trades, or to give the impression that they were more creditworthy than they actually were.

    In June, Barclays settled charges that it manipulated Libor for its own benefit by submitting falsified numbers.

    Some others involved include: RBS, Deutsche Bank & JP Morgan.

  • Information

    What is Libor and who calculates it?

  • London Interbank Offered Rate (Libor) is the average interest rate calculated through submissions of interest rates by major banks in London. Thomson Reuters calculates and publishes it everyday just after 11 am.

  • 6 Jul 2012

    Barclays investment arm under pressure post scandal

    Barclays investment arm under pressure post scandal
  • After the Libor scandal broke, Barclays CEO Bob Diamond stepped down.

    The investment arm which represented 53% of the Barclays total profit in 2011 had to undergo shrinking, given the greater regulatory and political intrusion, following the scandal.

    It was thought that whoever took over as the CEO would try to reduce the scale of the investment bank.

  • 30 Aug 2012

    Antony Jenkins appointed as the new Chief

    Antony Jenkins appointed as the new Chief
    Credits:
  • Barclays appointed Antony Jenkins as Chief Executive, following the exit of Bob Diamond.

    Jenkins, the former retail banking chief, was seen as the best internal choice.

    According to analysts, the immediate task at hand for Jenkins was to get a grip on the investment banking business which was still one of the biggest in the world and a major profit generator for the company.

  • 2013-15

    Job cuts under Jenkins

    Job cuts under Jenkins
  • In Feb 2013, Barclays announced 3700 job cuts, to reduce costs. Almost half of these cuts were in the bank's investment arm.

    In May 2014, CEO Jenkins said that the bank would cut 19,000 jobs over the next three years. 12,000 of these cuts were set to be made in 2014.

    Scaling down its investment bank seemed the main focus of cut down.

  • 8 Jul 2015

    Barclays sacks Chief Executive Jenkins

    Barclays sacks Chief Executive Jenkins
  • Barclays fired its Chief Executive Antony Jenkins after a row with the board over the future of the bank's troubled investment division and the slow pace of cost cutting.

    Jenkins was to be temporarily replaced by John McFarlane, the bank's chairman. His appointment was designed to "accelerate the pace of execution."

    When asked about job cuts, McFarlane did not rule them out.

  • 20 Jul 2015

    Barclays to cut more than 30,000 jobs

    Barclays to cut more than 30,000 jobs
  • Barclays is planning to cut more than 30,000 jobs within two years. The radical reduction program could reduce the bank's global workforce below 1,00,000 by the end of 2017.

    This was thought to be the only way to address underperformance and to hit the target of doubling the company's share price.

    The job cuts would mostly affect the middle and back office operations.

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