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Barclays to Cut 30,000 Jobs by 2017

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Yesterday, the London Times reported Barclays plans to cut 30,000 jobs within two years as part of an effort to cut costs after the recent firing of CEO, Antony Jenkins. An unidentified source went on to claim that the bank has set no new targets to cut jobs beyond the 19,000 (7,000 at Barclay’s investment bank) announced in May of 2014. If implemented, however, the cuts could reduce the bank’s global workforce to below 100,000. Barclays cut 14,000 jobs last year and is expected to axe 5,000 more staffers by the end of 2016.

The source told the Times that the bank considers this job cutting program the only way to address the bank’s underperformance and double its share price. The majority of the cuts would likely affect middle and back office operations as the bank continues efforts to automate those functions. Plans are also underway for the bank to close over 30 branches by October. 

John McFarlane, who took over as chairman in April, ousted Jenkins on July 8 after a dispute with the board over the size of the bank and pace of executing cost cutting measures. Reports indicate Jenkins’ replacement will be expected to cut staff much faster. McFarlane promised to tackle a "cumbersome and bureaucratic" bank and further stated, “Cost is important, but it’s actually about revenue and increasing revenue growth way over the cost of capital growth.” 

Continued job reductions would put Barclays in line with other British banks including RBS and Lloyds Banking Group. RBS made cuts from 184,500 in 2008 to 89,700 at the end of December, while Lloyds reduced numbers from 132,000 to 95,088 over the same period.

Last year, Barclays was ranked the world's eighth-largest investment firm, two spots below its 2012 ranking. The company told the U.S. Federal Reserve last week that assets at its broker-dealer in the U.S. had dropped by half since 2010. Also, the company's U.S. division remains more profitable than its Asia or Europe investment banking branches. 

 

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Tue, 07/21/2015 - 06:25 | 6336169 sagitarius
sagitarius's picture

I would like to see them to reduce the jobs down to zero.

Mon, 07/20/2015 - 23:27 | 6335659 pupdog1
pupdog1's picture

I think this is happening in all the major banks, if my recent experience with Wells Fargo is any indication.

After being a customer for 18 years, I have experienced multiple horrendesly anti-customer incidents from these Wells Fargo cunts within the last two months.

So, I fired the motherfuckers and transferred everything to my local university credit union (A two billion dollar operation, as it turns out).

I highly recommend this because the CUs don't invest in wild ass speculation and toxic paper (so they claim), and they do not use FDIC, which is now squidified and taken over by the big banks.

There is a separate agency that backstops credit unions, which does not appear to be in the hands of the banks.

I will squeal with delight when I see a similar article written about Wells Fargo.

Mon, 07/20/2015 - 22:46 | 6335523 MontgomeryScott
MontgomeryScott's picture

(ADVERTISEMENT FOR EMPLOYMENT OPPORTUNITY)

On a more positive note, a new 'privately-held' company has been created, and is hiring people experienced in cleaning blood and brains off of concrete sidewalks below high-rise banking buildings. Hard-hats and steel-toed boots are required (along with the ability to quickly dart out of the way of falling objects).

If interested, submit your resume to 'Juniper/Holdings LLC/Temp.jobs'. Former Barclay's employees are being given preferential hiring status. Our guarantee of employment will go on until the end of 2016 (and perhaps longer, depending on circumstances).

Mon, 07/20/2015 - 21:48 | 6335298 silverer
silverer's picture

Aw hell.  Go for it!  Cut ALL the jobs.  The happiness index will climb for sure.

Mon, 07/20/2015 - 23:07 | 6335612 MontgomeryScott
MontgomeryScott's picture

No, it's 'HEDONICS'!

When you call up and try to question a fraudulent charge, you'll be happy to know that Mary from Mumbai or Bill from Bombay got a PAY CUT, and has TWICE as many calls to handle as well!

Your 22.99% interest rate will seem like 12.99%, after you hang up!

It's a matter of 'percieved value', or HEDONICS!

Mon, 07/20/2015 - 20:30 | 6335003 CheapBastard
CheapBastard's picture

How crass! It's not "job cutting" ... it's called, "restructuring."

 

It's like that WWII general said, "I'm not retreating; I'm just repositioning my troops backwards."

Mon, 07/20/2015 - 21:30 | 6335215 3.7.77
3.7.77's picture

I hear there are a lot of bartender and waitress jobs available...

Mon, 07/20/2015 - 22:57 | 6335574 MontgomeryScott
MontgomeryScott's picture

All right, I'll take your offer.

I'm going bald, and I'm a little out of shape (fat gut, weak arms, small and flacid penis), and I'm short, and I have an overbite, and I like nerd packs and internet porn. I've never actually done manual labor (like mixing my own drinks! EEEW!),.

Can you help me find a retail provider of short dresses in my 'body type' so that I can become a waitress? You can't fool ME, though! I KNOW what a Chinese or Sry-Lankan dress is REALLY worth (I USED to be a BANKER, you know!).

Tue, 07/21/2015 - 07:02 | 6336212 Comte d'herblay
Comte d'herblay's picture

ermmm....What's a Nerd Pack??

Mon, 07/20/2015 - 20:03 | 6334904 Richard Chesler
Richard Chesler's picture

30by17

How fucking original of parasite scumbags

 

Mon, 07/20/2015 - 17:54 | 6334321 Son of Loki
Son of Loki's picture

The only thing that could be moar Bullish is cutting 50,000 jobs.

 

I see JPM and WFC hit new 52-week highs today ...again.

 

That open fed window is great for them.

Mon, 07/20/2015 - 17:21 | 6334194 Mike Honcho
Mike Honcho's picture

.....and double its share price. - end of story, the ivory tower decision is for shareholders, period.

Mon, 07/20/2015 - 22:16 | 6335388 Arnold
Arnold's picture

Any scintilla of sense left will tell you that goal will not be reached.

Mon, 07/20/2015 - 17:21 | 6334186 MFL8240
MFL8240's picture

They do not need people to make a profit, they need only cheat in the markets like JP Morgan and Goldman does.  Get into naked shorting of Gold and Silver and profits will become enormous while you destroy the lives of others.  Buts also realize that will be short lived because for every action, there is a reaction and the day is coming for the criminals of Wall Street and this corrupt Federal Bank of liars!

Tue, 07/21/2015 - 07:13 | 6336223 Comte d'herblay
Comte d'herblay's picture

You are dreaming.  If you haven't noticed, the 'people' most affected by Goldman sucks and Citibank, Jamie Dimon, and the other 12 TBTF financial ripoff institutions are very very invovlved with hitting the streets over the right for gays to marry, for men to exchange their junk for a plastic vagina, silicon tits and ass, and destroy the Confederate Battle flag.  The pubic are more concerned about symbols, trivia, and spurious tiny minority 'rights', than they are about their careers, their jobs, their homes, and their chirren.

We have become a nation manipulated by the bosses of George Stepinalotashit, the powers that demand hilary rodman clinton be anointed POTUS, who's got talent, and whether or not concealed carry permits should be issued to grade school teachers.

We are not a serious people. The people who are serious are the top 1%, citizens of the world with domiciles in several countries, cities being built on the ocean, and fortunes being made on the backs of the very class of people riveted to Bill Cosby's drugging of willing women. 

Sorry, but there isn't enough perspective, character, or energy left to wage the good fight for survival and prosperity.  

We are Greece, writ large. 

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