Recently, the company sacked its chief executive officer Antony Jenkins, following a dispute with the board over the size of the investment bank and the pace of cost cutting.
First reported by The Times, the bank’s latest decision, which will result in a reduction of global workforce below 100,000 by 2017-end, is expected to address its chronic underperformance.
The redundancy program will also enable Barclays double its share price, according to sources familiar with the matter.
Bloomberg quoted a person familiar with the matter as saying that the bank’s workforce will shrink by about a fourth as back-office functions would be automated. Mid-level staff and back office operations are expected to be affected by the decision.
Jenkins will be replaced by a potential candidate, who is expected to expedite the process of cutting jobs.
At the time when Jenkins was CEO, Barclays axed 3,700 jobs in 2013 and another 12,000 last year. This year, around 7,000 jobs have already been cut.
Barclays currently operates in over 50 countries and territories.
Image: One Churchill Place, Barclays’ main headquarter in Canary Wharf, London Borough of Tower Hamlets. Photo: courtesy of Secretlondon
