30,000 jobs to go at Barclays

barclays_bank_limited Barclays are going to be axing around 30,000 jobs - which is about a quarter of its global staff - over the next couple of years, in a bid to reduce costs.

The huge redundancy programme is the only way Barclays can sort out their dire underperformance, according to senior sources at the bank, say The Times. It seems the bank think this is the best way to hit their goal of doubling their share price.

This follows the sacking of chief executive Antony Jenkins, with the majority of the job cuts hitting those who work in middle management and in the back office.

It has generally been a tough period for the bank, after the Libor scandal and the worldwide financial mess that botched the economy. Only last April, Barclays reported that their net after-tax profit sank 52% year-on-year.

Weeks ago, Barclays announced that they're going to sell their American wealth and investment management business to Stifel for an undisclosed amount.

These cuts could see Barclays with a workforce of under 100,000 people - the bank is shrinking before our very eyes.

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