Barclays is cutting at least 3,700 jobs as part of its revival plan, with many of those in Europe.
New Chief Executive Antony Jenkins, who is trying to rebuild Barclays’ reputation and boost profitability, is also taking a harder line on pay cutting average bonuses for its investment bankers by seventeen percent from last year.
Jenkins said Barclays would put ethics above earnings: “Barclays is changing. There will be no going back to the old way of doing things. We get it, we are changing the way we do business, we are changing the type of business we do.”
“We must act at all times with good values,” he said at a news conference.
He has halted trading in soft commodities “for speculative purposes” and closed its structured capital markets division, which one British lawmaker last week said advised clients on “industrial scale tax avoidance”.
Annual costs will be slashed by just under two billion euros and the bank’s focus will be on Britain, the US and Africa with a reduction in its presence in continental Europe and Asia.
Around 1,900 of the job cuts are in Barclays’ European retail and business banking divisions, with 1,100 in Spain and 350 in Portugal.
Another 1,800 are in corporate and investment banking. Barclays’ Finance Director Chris Lucas said 1,600 of the investment bank cuts had already been made.
Jenkins said he expects his ‘Project Transform’ plan to take five to 10 years to rebuild Barclays, and he has told staff they should leave if they do not want to sign up to the new standards.
The bank has been dogged by a series of scandals, including rigging Libor interbank lending rates which cost it a 335 million euro fine.
Copyright © 2015 euronewsMore about:
- 1Hard times ahead for Ukraine with massive job cuts and price hikes on the way
- 2Riga at the heart of Europe’s digital revolution
- 3German doubts in Greek debt crisis
- 4Highest number of Germans below poverty line since reunification
- 5Ireland and Denmark get a slice of Apple as company announces huge European project
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 3eurovibes - a selection of Europe’s best music talent
- 4English and Spanish among happiest languages | euronews, world news
- 5Greek debt: who will pay if Greece fails? | euronews, world news
- 6Watch: Ukraine MPs in fierce fist fight outside parliament | euronews, world news
- 7Exclusive: Tsipras promises meritocracy, transparency for Greece, urges Europe to put people first | euronews, world news
- 8European Union News | euronews: latest breaking news and headlines about European Union
- 9Dramatic dashcam video captures Taiwan plane crash | euronews, world news
- 10International news | euronews, latest international news
- 11Data ‘mocks’ claims migrants try for Europe ‘expecting’ sea rescue | euronews, world news
- 12Kosovo emptying out, hopes for independent future exhausted | euronews, world news
- 13Live updates: follow the 2015 Oscars ceremony | euronews, world news
- 14Barack Obama’s silly Buzzfeed video goes viral | euronews, world news
- 15Canada: Valentine’s Day mass shooting plot foiled say police | euronews, world news
- 16Implanted RFID chip controls office access for Stockholm workers | euronews, hi-tech
- 17‘Blue’ dress causes internet confusion. Is it white and gold? | euronews, world news
- 18euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 19Elastic road surface reduces motorway noise pollution | euronews, futuris
- 20‘Europe’s interests come first’, says new Greek government | euronews, world news
Wires > Business
- 22:47 CET Samsung unveils sleek new Galaxy phones to take on Apple
- 18:12 CET RWE presses ahead with DEA sale as UK demurs
- 18:07 CET Bells toll for Europe’s largest gas field
- 17:18 CET Spanish PM hits back at Greek accusation of anti-Athens ‘axis’
- 16:13 CET Spanish PM hits back at Greek accusation of anti-Athens ‘axis’
- 14:30 CET Norwegian Air pilot strike affects mainly domestic flights
- 14:09 CET Insight – As Venezuela coffee output sinks, it swaps oil to import…
- 13:28 CET German RWE says UK’S decision won’t stop DEA divestment