Barclays reduces headcount by 8,000 in 4 months

Jes Staley Interview Pic

Barclays has shed 8,000 jobs in four months, the fastest headcount reduction in at least five years, as it steps up a big cost-cutting drive.

The Financial Times reports that the reductions have come from a hiring freeze imposed by Jes Staley when he started as chief executive in December and cuts to the investment bank.

Staley said at a conference last month that more than 6,000 positions had gone in his first 100 days, double the number of job cuts at the bank in the past four years.

That number has since risen to about 8,000, according to sources familiar with the bank. Barclays had 129,400 full-time employees at the end of 2015.

The bank announced in January that it would axe its cash equities business in Asia and slash 1,000 jobs in the region. It also said it would close offices in South Korea, Taiwan, Malaysia, Indonesia, Thailand, the Philippines, Australia, Russia and Brazil.

Hit the link below to access the complete Financial Times article:

Barclays headcount drops 8,000 in 4 months

JPMorgan profits fall but by less than feared

 

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