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 © 2014 euronewsMore about:
- 1Hungary gets a bitcoin cash machine as the virtual currency craze reaches Budapest
- 2Scottish independence vote raises questions for whisky producers
- 3Burger King to merge with Tim Hortons, take tax advantages from Canada move
- 4Another McDonald’s closed by Russian food safety watchdog
- 5Kremlin to help Rosneft and banks hit by sanctions
- 1Earth Overshoot Day arrives earlier as we consume too much for planet to replenish
- 2Ukraine related sanctions affect farmers, shoppers, tourists and burger eaters
- 3Hungary gets a bitcoin cash machine as the virtual currency craze reaches Budapest
- 4Stronger dollar pushes euro’s value down, eurozone business growth slows
- 5The ‘Green Rush’ takes off as US businesses invest in legal marijuana
- 1#ن: How an Arabic letter was reclaimed to support Iraq’s persecuted Christians | euronews, world news
- 2Ellen MacArthur: making waves on a journey to a circular economy | euronews, the global conversation
- 3China executes eight Muslims convicted of terrorism | euronews, world news
- 4Putin T-Shirts flying off the shelves at Moscow megastore | euronews, world news
- 5Everything you need to know about the Ebola virus | euronews, world news
- 6Ukraine accuses Russian aid convoy of stealing factory equipment | euronews, world news
- 7Massive Swedish forest fire is declared a national emergency | euronews, world news
- 8Risk of fresh ash cloud threatens European air travel | euronews, world news
- 9Iceland warns Europe’s airlines of possible volcanic eruption | euronews, world news
- 10Beyond the subconscious | euronews, futuris
- 11Bardarbunga volcano in Iceland continues to rumble | euronews, world news
- 12Poland wants compensation from the EU for Russian import ban | euronews, world news
- 13Man, 27, fails in suicide bid after tigers reject chance to eat him | euronews, world news
- 14EU’s Russia sanctions doing more harm than good says Hungary’s PM Orban | euronews, world news
- 15Romania buys into bitcoin big time | euronews, corporate
- 16Portugal hopes to become a pensioner’s paradise with zero tax offer | euronews, reporter
- 17A robot that grows | euronews, futuris
- 18Malta opera star Joseph Calleja’s summer concert draws big crowd | euronews, le mag
- 19Turkey’s women have the last laugh | euronews, world news
- 20Greek farmers suffer in economic war between Russia and EU | euronews, economy
Wires > Business
- 17:01 CET Alibaba revenue soars ahead of IPO
- 16:43 CET FTSE edges lower as Sainsbury slips
- 16:43 CET UK home prices to rise 9 percent this year, but BoE could curb…
- 16:33 CET Alibaba revenue soars ahead of IPO
- 16:31 CET UK home prices to rise 9 percent this year, but BoE could curb…
- 15:43 CET IMF’s Lagarde put under investigation in French fraud case
- 15:39 CET Shell sells some Nigerian onshore oil fields
- 15:34 CET Alibaba revenue jumps on strong China demand