Sunday, May 24, 2015   

Barclays plans to cut 7,000 jobs at investment unit
(05-08 17:21)

Barclays on Thursday said it would axe 7,000 jobs at its struggling investment bank unit and sell or run down about 115 billion of non-core assets, in a major strategic shake-up.
The bank, which was at the heart of the Libor interest-rate rigging scandal, also said the overall number of job cuts planned for this year had risen to 14,000.
Barclays had originally said that up to 12,000 jobs would be lost worldwide in 2014 out of a total workforce of about 139,000.
The bank said that the 7,000 investment banking jobs would go by 2016.
"This is a bold simplification of Barclays,'' chief executive Antony Jenkins said in the statement.
"We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage.''
Jenkins added that Barclays would become ``leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns, and growth''.
The bank will meanwhile create Barclays Non-Core -- a unit grouping "assets which do not fit the strategic objectives'' of the group, the statement said.
"Barclays will look to exit or run down these assets over time,'' it added. --AFP
   
Other Business breaking news:
Hang Seng, Shanghai end higher (05-22 16:39)
Margin trading exceeds 2 trillion yuan, propelling risky rally in China markets (05-22 16:14)
German business confidence wanes (05-22 16:08)
Year end start for China led development bank (05-22 16:06)
European equities open higher (05-22 15:33)
Domestic demand lifts German economy (05-22 14:40)
Wal-Mart decides to bypass Li and Fung (05-22 14:28)
Nikkei edges up at close (05-22 14:25)
Hang Seng, Shanghai rally (05-22 12:45)
Goldin Financial shares rebound by 3.6pc (05-22 12:43)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.