LONDON Jan 30 Barclays is cutting 400
jobs from its corporate banking division, adding to the similar
number of people axed by its investment bank this week as Chief
Executive Antony Jenkins wields a cost-cutting knife.
The bank cut 3,700 jobs last year as part of a plan to cut
annual costs by 1.7 billion pounds ($2.80 billion) and improve
profitability, and more could come in other parts of the bank
ahead of results on Feb. 11 as the CEO searches for savings.
Barclays Corporate said on Thursday about 300 jobs would go
in its back office and about 100 jobs would go as it combines
its product and front office teams.
"As part of the ongoing transformation of Barclays, the
shape of corporate banking will also need to change, as we react
to advances in technology and simplify the business to better
serve our clients," a spokesman said.
Most of the jobs going are in London and should come from
voluntary redundancy or natural turnover, he said.
Unite, the union, said a further 120 roles in Barclays'
corporate division were being placed "at risk" during 2014. A
spokesman declined to comment on that figure.
Barclays is cutting about 400 jobs in its investment bank
and staff are being told this week, people familiar with the
matter have said.
James Groves, its head of Asia commodities, and Jim Vore,
head of credit sales in the region, are among some high-profile
departures in Asia, two sources familiar with the matter said.
Jenkins has pledged a fresh course for the bank, in an
attempt to restore its reputation following a series of
He has also made clear that the need for more efficiency,
improving technology and changing customer behaviour meant
thousands of jobs and hundreds of branches are likely to be axed
over the long-term.
"The banking industry is going through what I like to call a
100-year transformation," Jenkins said last week in Davos.