Barclays Plans To Cut Up To 2,000 Jobs, But Some Execs Push For Bigger Purge

Barclays cuts 2000 jobsBarclays PLC plans to cut as many as 2,000 jobs in its investment bank as part of a broad restructuring of the company, The Wall Street Journal reported, citing people familiar with the British bank's plans.

The paper said senior Barclays executives are planning to recommend that the bank cut between 1,000 and 2,000 jobs, likely to be concentrated in Asia and continental Europe.

The job cuts are expected to be announced early next year, the paper said, adding that Barclays executives are aiming to protect the bank's strong U.S. and U.K. franchises.

Goldman Sachs analysts have suggested that Barclays could cut 15 percent of investment bank staff, or 3,500 of its 23,300 employees, as part of a broader strategic review by Chief Executive Antony Jenkins, who took over in August.

Barclays declined to comment on the details of the plan.

While reforms at Barclays are not expected to be as radical as those of rivals UBS and Royal Bank of Scotland, who are pulling back sharply, the actions of competitors may sway plans. UBS' pullback, for example, could open gaps that Barclays may want to exploit.

The cutback plans remain in flux, and some senior executives are pushing for a more aggressive purge, the business daily said, citing one person with knowledge of the discussions.

The potential investment-banking cuts are likely to be part of a larger number of job reductions across the entire company, the Wall Street Journal said, as Barclays executives consider areas, such as information technology, ripe for layoffs.

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No problem whatsoever. The Obama administration will get the BLS to say that 4,000 people got discouraged and stopped looking for work, will stop counting them, and the unemployment rate will drop another tick.

December 15 2012 at 8:07 AM Report abuse rate up rate down Reply

Will they cut others jobs so that their bonuses can be even larger simply because they are management? Seems most companys will do just that and then their corporate execs will get an even larger bonus.

December 15 2012 at 7:25 AM Report abuse rate up rate down Reply

Way to go. How about that, Barry?

December 15 2012 at 1:47 AM Report abuse -2 rate up rate down Reply
1 reply to Major's comment

Barry who?

December 15 2012 at 7:36 AM Report abuse rate up rate down Reply
mark and sheri

Did they get Federal Bail Out Money? If they did, it sure did not work!

December 15 2012 at 12:13 AM Report abuse -1 rate up rate down Reply

everyone chill! There are always going to be ceo's and workers. That's the way corporate america is set up. Your only choice is to try it on your own. Fortunately for my family we have worked hard, took a chance, made the family sacrifice and made it. I know that is not for everyone, but unless you take the chance and make the sacrifices we did, you will never know. Good luck to everyone.

December 14 2012 at 11:39 PM Report abuse +1 rate up rate down Reply

And should we blame the Unions for this too? , along with the bailout the banks created four years ago?
When will the people realize they must unite against Copororate America and fight for real wages that people deserve and stop allowing CEO's and Politicians brainwashing America into believing the 97 % are to blame for everything.
Where is the Government by the people and for the people ? Lets get rid of the 6,000 lobbyists in Washington.
Do the 97% pay the same for food, College, housing, insurance, cars, retirement plans, raising kids, clothing as the rich? Would a tax increase hurt them as much as some dependent on Medicare for life saving drugs? lets get real and stop the assault on the average American. Just thinking about you.

December 14 2012 at 9:06 PM Report abuse +2 rate up rate down Reply

My company started to let employees go. Finally it was my turn. My team used to be 8 persons, with me gone, there were now four. When the realization came out that I was gone, the head of the group said to our manager, if you give me even one more account, I WILL walk out that door. They gave her more work and she did. Now with three people left, It was physically impossible to run the section. The manager lost his job too! God is fair afterall!

December 14 2012 at 8:45 PM Report abuse +2 rate up rate down Reply

Layoffs after they took billions in a bonus!!!!

December 14 2012 at 8:40 PM Report abuse +2 rate up rate down Reply


December 14 2012 at 7:34 PM Report abuse -1 rate up rate down Reply
mitch rochelle

republicans must love bigger goverment, by making a war on workers and there low paying job.......thats makes the average worker dependant on the goverment togive needed services that corprations wont give .........but those CEOs need multi million dollar pay packages just to earn a living.....

December 14 2012 at 6:37 PM Report abuse +2 rate up rate down Reply

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