Barclays to cut up 30 000 employees

Baku. 20 July. REPORT.AZ/ Barclays is planning to cut more than 30,000 of its staff within two years as the struggling bank considers accelerating a group-wide cost-cutting programme after firing Antony Jenkins, its chief executive, this month, Report informs citing The Times.

A radical redundancy programme that could lead to the lender’s global workforce falling below 100,000 by the end of 2017 is thought to be the only way to address the bank’s chronic underperformance and hit an ambitious target of doubling its share price, according to senior source. 

The paper said that a potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ousted boss.

Barclays deputy chairman Michael Rake joined payments processing firm Worldpay as its new chairman in mid-July.

Barclays could not be reached immediately for comments outside regular business hours.