Barclays CEO memo said to hint at largescale job cuts

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How best to simplify the bank's sprawling operations and which of its businesses it 'should focus on and invest in'.

The CEO of Barclays effectively ruled out a full-scale retreat from investment banking on Thursday, but warned that a shake-up of the group potentially costing thousands more jobs at the division would be unveiled within weeks.

In a memo to staff obtained by Sky News, Jenkins said a review to be announced on May 8 would answer questions about the future of Barclays, including how best to simplify the bank's sprawling operations and which of its businesses it 'should focus on and invest in'.

In the note, Jenkins said he wanted to set out a clear path 'to build a better Barclays which can deliver sustainable returns and growth over the cycle' amid increasing shareholder concerns about the bank's financial performance.

'Regulatory developments and the macro-economic environment are having a significant effect on some parts of our business which we need to address proactively and decisively', he said.

Hit the link below to access the complete Sky News article:

Barclays Chief Hints At Huge New Job Losses

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