Barclays (BCS) to Cut 12K Positions as 'Right-Sizing' Efforts Continue
Barclays (NYSE: BCS) is lower early after reporting Q4 loss of 4 pence per share, from profit of 7 pence per share in the same period last year.
During a conference call held today, Barclays Chief Executive Officer Antony Jenkins said the company would be eliminating 12,000 jobs. Of the total, about 7,000 will come from U.K. operations, the executive noted.
Barclays is aiming to save about £1.7 billion of costs by 2015 as it negotiates tougher regulatory policies and further charges on pending litigation.
Cuts come following a headcount reduction of 7,650 positions in 2013.
Barclays paid incentive awards of £1.57 billion in 2013, or about £60,100 per employee, from £1.39 billion, or £54,500 per employee, paid in the previous year. The bank said about 220 managing directors and 600 director-level employees would also be cut in the current round of streamlining.
Shares of Barclays are down over 4 percent in early trading Tuesday.
During a conference call held today, Barclays Chief Executive Officer Antony Jenkins said the company would be eliminating 12,000 jobs. Of the total, about 7,000 will come from U.K. operations, the executive noted.
Barclays is aiming to save about £1.7 billion of costs by 2015 as it negotiates tougher regulatory policies and further charges on pending litigation.
Cuts come following a headcount reduction of 7,650 positions in 2013.
Barclays paid incentive awards of £1.57 billion in 2013, or about £60,100 per employee, from £1.39 billion, or £54,500 per employee, paid in the previous year. The bank said about 220 managing directors and 600 director-level employees would also be cut in the current round of streamlining.
Shares of Barclays are down over 4 percent in early trading Tuesday.