Wednesday, Jul 23, 2014Wednesday, Jul 23, 2014
News
 

Barclays to axe 3,700 jobs in strategic overhaul

Published on Feb 12, 2013 4:36 PM
 
A Barclays bank branch is pictured in central London on Feb 11, 2013. Barclays is to axe at least 3,700 jobs and prune its investment bank, under a restructuring plan launched by its new chief executive which seeks to cut 1.7 billion pounds (S$3.3 billion) in annual costs and improve standards. -- PHOTO: AFP

LONDON (REUTERS) - Barclays is to axe at least 3,700 jobs and prune its investment bank, under a restructuring plan launched by its new chief executive which seeks to cut 1.7 billion pounds (S$3.3 billion) in annual costs and improve standards.

The plans form part of an overhaul which CEO Antony Jenkins hopes will convince a sceptical public that he will change a bank which has been dogged by a series of scandals, including a US$450 million fine (S$560million) for rigging interbank lending rates or Libor.

"Believe me, I understand the cynics and the sceptics out there, but cynics and sceptics never built anything. It will take years before people actually change their impression of us.

"I'm not daunted by that at all," Mr Jenkins told BBC radio.

 
If you are not a subscriber, you can get instant, unlimited access here