The Straits Times
Published on Feb 12, 2013

Barclays set to slash costs, axe 2,000 jobs at investment bank


LONDON (AFP) - Troubled British bank Barclays is set to axe annual costs by 2 billion pounds (S$3.9 billion) and cut 2,000 investment bank jobs, media reports said on Monday on the eve of its 2012 results.

The Financial Times, which cited bank insiders and analysts, said the cuts - equivalent to 10 per cent of the group's cost base - would focus on a retrenchment of investment bank operations, particularly in Asia.

The scandal-hit lender will also announce a partial wind-down of retail and commercial banking in parts of Europe, such as Italy.

The Financial Times added that as many as 2,000 jobs would be axed at its investment banking division, with thousands more positions at risk in other parts of the business. A group spokesman declined to comment on the matter.