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Barclays cuts up to 12,000 jobs

Staff writer ▼ | February 12, 2014
Barclays Plc will eliminate up to 12,000 jobs this year, including more than 800 senior bankers. About 7,000 of the cuts will be in Britain, CEO Antony Jenkins told reporters on a conference call.
Barclays
BarclaysBarclays Plc will eliminate up to 12,000 jobs this year, including more than 800 senior bankers. About 7,000 of the cuts will be in Britain, CEO Antony Jenkins told reporters on a conference call.


Adjusted pretax profit fell to 191 million pounds ($314 million) in the fourth quarter from 1.4 billion pounds in the year-earlier period, Barclays said.

Mr. Jenkins said he is confident of achieving his cost target even as expenses as a proportion of revenue rose to 71 percent in 2013 from 63 percent in the year-earlier period. Incentive awards at the investment bank rose to 1.57 billion pounds, or about 60,100 pounds for each employee, from 1.39 billion pounds, or 54,500 pounds a person. Mr. Jenkins said he had no control over market-led compensation and expects shareholders to support the banker pay plans.

Barclays will cut 220 managing directors and 600 director-level employees, Mr. Jenkins said. The reductions come after the lender eliminated 7,650 positions in 2013. The bank employs a total of 139,600 people.


 

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