Barclays share price: Bank to slash 30,000 jobs in turnaround drive

In 2014 he cut 19,000 jobs at the bank, but quarreled with the board about the pace of cost-cutting moves and the scope of Barclays’ investment-banking business. Germany’s Deutsche Bank and Royal Bank of Scotland PLC were downgraded by S&P in June alongside Barclays, and major banks like HSBC and Citigroup have also slashed thousands of jobs in recent years. Those efforts, if extended, could eventually leave it with fewer than 100 000 employees, the person said. While it’s possible the firm may seek additional cuts, there’s now no such plan to do so, sources said.

Since then, Barclays’ share price has continued to lag rivals and Jenkins was fired this month with the bank saying that new leadership was required to accelerate changes at the bank.

British banking giant Barclays is planning to cut about a quarter of its global workforce in the next two years to reduce costs, as said by a report. The bank is continuing to search for a permanent replacement. The shares are up about 16 percent this year.

During a townhall-style presentation this month, he said he aims to double the share price over the next three or four years, while possibly investing in some businesses. “Cost is important,” he told Bloomberg in early July.

Barclays is to make more than 30,000 job cuts across the group as part of a radical cost-cutting programme in the wake of the departure of chief executive Antony Jenkins.

In private meetings, Jenkins had raised the possibility that job-cutting programs and existing efforts to automate back-office functions may eventually leave the London-based bank with fewer than 100 000 employees, though probably not until the medium- or long-term, the person said. The bank employs significantly more people than Lloyds and RBS, with have 95,088 and 89,700 on their books respectively according to the report.