Barclays Job Cuts

Barclays is cutting over 100 technology and back office jobs from its offices in Singapore, a source with direct knowledge of the matter said on Monday, as it seeks to reduce costs by relocating those roles elsewhere.

Barclays will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia as new chief executive Jes Staley wields the axe in a bid to reduce costs and boost returns.

Barclays Plc will announce job cuts in its investment banking businesses across Asia, including closing the businesses in Korea and Taiwan, people with direct knowledge of the matter told Reuters, in the latest cuts for the London-based lender in the region.

Barclays Plc plans to shut its India equities business as part of the British bank's efforts to slash costs and boost profit, two sources with direct knowledge of the development said on Monday.

Barclays Plc plans to cut more jobs in its investment banking unit, a source familiar with the matter said, as the British bank steps up efforts to slash costs and boost profit.

The Times newspaper reported that the bank was planning to cut more than 30,000 of its staff within two years as it considers accelerating a cost-cutting programme following the departure of Chief Executive Antony Jenkins.

This redundancy program, which could reduce the bank's global workforce below 100,000 by 2017 end, is considered as the only way to address the bank's chronic underperformance and double its share price, the newspaper said, citing senior sources.

Chief executive Antony Jenkins, in his second strategic review in as many years, will cut 19,000 jobs in the next three years, 7,000 of them at the investment bank, and park 400 billion pounds of assets in a new "bad bank".

Barclays has come under pressure over the past year or two to reduce the investment banking division following a run of scandals.

Chief executive Antony Jenkins has already said that as many as 12,000 jobs would go worldwide this year out of a global workforce of about 139,000, but that could now be raised to 15,000, according to Sky News.

But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.

Barclays is set to cut hundreds more jobs in its investment banking division, a source familiar with the matter said on Tuesday, as the British lender keeps pushing to reform its business.

Barclays' new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank's reputation as part of a revival plan to be unveiled on Tuesday.

In the past few days, major global banks have taken the axe to pay with unusual zeal. Investors and analysts believe lower compensation is here to stay for some time as firms face unprecedented challenges, in some cases forcing them to fundamentally rethink how they operate.

Britain's fourth-largest bank is expected to cut about 30-40 jobs as a result of the closure of the three branches, one of the sources told a news agency. The sources declined to be named as they are not authorised to speak to the media.

Barclays is cutting over 100 technology and back office jobs from its offices in Singapore, a source with direct knowledge of the matter said on Monday, as it seeks to reduce costs by relocating those roles elsewhere.

Barclays will cut about 1,000 jobs in investment banking worldwide and close its cash equities business in Asia as new chief executive Jes Staley wields the axe in a bid to reduce costs and boost returns.

Barclays Plc will announce job cuts in its investment banking businesses across Asia, including closing the businesses in Korea and Taiwan, people with direct knowledge of the matter told Reuters, in the latest cuts for the London-based lender in the region.

Barclays Plc plans to shut its India equities business as part of the British bank's efforts to slash costs and boost profit, two sources with direct knowledge of the development said on Monday.

Barclays Plc plans to cut more jobs in its investment banking unit, a source familiar with the matter said, as the British bank steps up efforts to slash costs and boost profit.

The Times newspaper reported that the bank was planning to cut more than 30,000 of its staff within two years as it considers accelerating a cost-cutting programme following the departure of Chief Executive Antony Jenkins.

This redundancy program, which could reduce the bank's global workforce below 100,000 by 2017 end, is considered as the only way to address the bank's chronic underperformance and double its share price, the newspaper said, citing senior sources.

Chief executive Antony Jenkins, in his second strategic review in as many years, will cut 19,000 jobs in the next three years, 7,000 of them at the investment bank, and park 400 billion pounds of assets in a new "bad bank".

Barclays has come under pressure over the past year or two to reduce the investment banking division following a run of scandals.

Chief executive Antony Jenkins has already said that as many as 12,000 jobs would go worldwide this year out of a global workforce of about 139,000, but that could now be raised to 15,000, according to Sky News.

But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.

Barclays is set to cut hundreds more jobs in its investment banking division, a source familiar with the matter said on Tuesday, as the British lender keeps pushing to reform its business.

Barclays' new boss is expected to shrink his investment banking and European operations and stop activities that could damage the troubled British bank's reputation as part of a revival plan to be unveiled on Tuesday.

In the past few days, major global banks have taken the axe to pay with unusual zeal. Investors and analysts believe lower compensation is here to stay for some time as firms face unprecedented challenges, in some cases forcing them to fundamentally rethink how they operate.

Britain's fourth-largest bank is expected to cut about 30-40 jobs as a result of the closure of the three branches, one of the sources told a news agency. The sources declined to be named as they are not authorised to speak to the media.