Barclays has cut 5,000 staff this year

Barclays has cut just under 5,000 staff this year as part of its plan to streamline the bank and axe areas that are unprofitable, leaving the bank with fewer staff than at any time since 2007.

Reuters reports that Tushar Morzaria, finance director, said on a conference call after its second quarter results that the bank was on track with plans to cut 14,000 staff this year, including about 2,500 in the investment bank.

The news agency reports that the bank said its underlying profits fell 8 percent in the second quarter as subdued market activity and the British bank's attempts to crack down on high-risk trading took a toll on investment banking revenue.

Chief Executive Antony Jenkins, under pressure to lift profitability and stamp out wrongdoing, said on Wednesday a challenging operating environment and the legacy of past misconduct continued to dog the bank.

But he said he was ahead of target in cutting costs and hiving off assets that Barclays no longer wants.

To access the complete Reuters article hit the link below:

Barclays says 5,000 jobs cut so far this year

Subdued investment banking hits Barclays profits


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