Barclays to Cut at Least 3,700 Jobs
Barclays today announced the outcomes of what it terms a "strategic review," including the elimination of a minimum of 3,700 jobs, about 2.6% of its work force.
As part of a set of measures aimed at cutting costs and refocusing the bulk of its efforts on the U.K., the U.S., and Africa, the bank is to make the job cuts in its corporate and investment bank and its Europe retail and business banking segments. Approximately 1,800 eliminations are to come in the former, and 1,900 in the latter. The bank expects this to result in a restructuring charge of about $783 million in Q1 2013.
Barclays said of its strategic review that "we expect to make good progress toward our financial commitments by 2014 and deliver them fully during 2015."
The bank currently employs around 140,000 people.
The article Barclays to Cut at Least 3,700 Jobs originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Barclays. The Motley Fool has no position in Barclays. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.