Barclays Chairman John McFarlane has pledged to deliver a "clean and prosperous" 2018 to investors, putting a deadline on a vast programme of restructuring and asset sales that will cause staffing numbers to fall by 50,000.
Bloomberg News reports that speaking at the bank's annual general meeting (AGM) on Thursday, McFarlane thanked investors for their patience while Barclays runs down businesses it no longer sees as capable of generating appropriate returns, against a backdrop of rising regulatory costs and poor economic conditions.
Following these disposals, which include the sell-down of its 62% stake in Barclays Africa Group, McFarlane said the bank expected group full-time employees to reduce by around 50,000 people, resulting in a total headcount of 80,000 - almost half the staff employed at its peak.
The cost savings achieved from these cuts and the refocusing of the business would enable the bank to reintroduce a "respectable dividend level" and transform Barclays into a "significantly smaller, safer" bank, McFarlane said.
To access the complete Bloomberg News article hit the link below: