Barclays says $1.1bn cost savings will come from front office, $314m from back office

Barclays Canary Wharf

Reuters reports that Barclays Chief Executive Antony Jenkins on Tuesday said operations and technology improvements should deliver $1.35bn of savings in the next three years.

The boss of Barclays said new technology is ready to transform the experience of bank customers and help his British firm deliver almost half its planned annual cost savings of $2.7bn.

New technology can allow banks to process transactions more efficiently and offer customers better access to services through mobile devices.

Jenkins is attempting to transform Barclays by shutting unprofitable areas, axing at least 3,700 jobs and pruning its investment bank to rebuild the bank's reputation and boost profitability after a series of scandals.

His plan, unveiled in February, aims to deliver £1.7bn of annual savings by 2015.

A breakdown of cuts announced on Tuesday showed $1.1bn of savings will come from the front office and $314m from functions such as human resources, finance and risk.

Hit the link below to access the complete Reuters article:

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image: © Howard Lake

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