Barclays to axe 19,000 jobs under revival plan

LONDON Thu May 8, 2014 2:15am EDT

LONDON May 8 (Reuters) - Barclays Plc said it will cut 19,000 jobs in the next three years and set up a "bad bank" of assets to run down as it tries to get a turnaround plan back on track by cutting costs and lifting profitability.

Barclays increased its expected job cuts this year to 14,000, from 12,000 announced in February, with the extra 2,000 jobs going in the investment bank. It said it will cut a further 5,000 jobs in the investment bank by the end of 2016.

The bank said 115 billion pounds of risk-weighted assets would go into the bad bank, including 90 billion pounds of investment bank assets and all of its European retail banking operations, amounting to 16 billion pounds of assets. (Reporting by Steve Slater; Editing by Matt Scuffham)

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