Barclays may cut 1 job in 4

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Bloomberg News reports that Barclays may see its workforce shrink by about a fourth in coming years as the firm carries out existing programs to reduce costs, according to a person with knowledge of the projections.

The bank, which employed about 132,000 people at the end of December, is implementing job cuts announced in the past few years and further shrinking staff by automating operations. Those efforts could eventually leave it with fewer than 100,000 people, the person said. While it’s possible the firm may seek additional cuts, there’s currently no such plan beyond programs in motion, the person said, asking not to be identified because talks are private.

Chairman John McFarlane ousted CEO Antony Jenkins this month, pledging to tackle a 'cumbersome and bureaucratic' company - a move that left investors, employees and analysts trying to divine what additional steps he’ll take. Jenkins had eliminated thousands of jobs, set up a bad bank and sold assets to bolster earnings.

Hit the link below to access the complete Bloomberg article:

Barclays May Lose 1 in 4 Jobs as Cost-Cutting Plans Carried Out

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