The Upcoming
  • Culture
    • Art
    • Cinema
      • Movie reviews
      • Film festivals
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
    • Shows & On demand
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Current affairs

Barclays to cut 3,700 jobs

Barclays to cut 3,700 jobs
13 February 2013
Molly Kersey
Avatar
Molly Kersey
13 February 2013

Barclays boss, Antony Jenkins, has announced that 3,700 jobs are going to be lost in order to try and reduce expenditure by an estimated £1.7 billion. The bank employs 140,000 members of staff, but maintains that very few job cuts will be taking place in the UK. Instead 1,900 job losses will be in the European retail and business banking sector, with a further 1,800 job cuts being made from corporate and investment banking in Asia. 

Barclays is looking for ways to rebuild after certain events which have marred the reputation of the bank, such as its part in the Payment Protection Insurance (PPI) scandal and the £290 million fine it received when it attempted to rig the Libor interest rate.  

Antony Jenkins has acknowledged these misdemeanours, but has also expressed the desire to learn from the mistakes made in the past and move on. He said: “I’d be the first to admit that Barclays has got things wrong in the past.” 

In order to correct the mistakes made, the bank gave £1.6 billion compensation for those who were sold PPI that they didn’t need or ask for, as well as a further £850 million to compensate those who were wrongly sold interest rate hedging products. Jenkins went on to say that the most important thing now was to “learn from those experiences and build the future, and the plan that I’m laying out today is very clearly the way to do that”.

Jenkins has expressed the need for “pairing a strong sense of purpose and values with a very clear financial plan” in order to gain the appreciation of shareholders and help the bank to move forward. In his review, he stated his aims to keep investment in the UK, US and Africa as the main focus of the bank, whilst minimising the presence of the bank in Europe and Asia, hence the job cuts. 

Equity analysist at Hargreaves Lansdown, Keith Bowman, approves of these changes saying that despite all of the issues which Jenkins has to face, the future is beginning to seem much more optimistic for Barclays. He said: “For now, despite a 60% plus gain in the share price over the last six months alone, the new chief executive looks to have done enough, with analyst opinion remaining positive in tone.” 

Molly Kersey

Related Items

More in Current Affairs

Changes to expect during menopause

The editorial unit
Read More

Nek brings Italian pop rock to the Shepherd’s Bush Empire

The editorial unit
Read More

Why Equity Linked Savings Schemes is a preferred tax saving?

The editorial unit
Read More

How the world’s top designers would rebrand political parties

The editorial unit
Read More

Royal baby furore: Proof that the British monarchy is still popular?

Eoin O’Sullivan-Harris
Read More

World Mental Health Day 2018: Raising awareness and combating stigma

The editorial unit
Read More

Seven political personalities you should know about

The editorial unit
Read More

Donald Trump: An enemy of the arts?

The editorial unit
Read More

Trump’s fortune: Where did the money come from?

The editorial unit
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • Female filmmakers lead nominees for the London Critics’ Circle Film Awards
    Cinema
  • An interview with Ifrah Ismael: Tales from the Front Line and other stories
    Theatre
  • Persian Lessons
    ★★★★★
    Cinema
  • Jeremiah Fraites – Piano Piano
    ★★★★★
    Album review
  • Lonely the Brave – The Hope List
    ★★★★★
    Album review
  • Identifying Features
    ★★★★★
    Cinema
  • 23 Walks
    ★★★★★
    Cinema
  • Live Lab at The Yard Theatre: An interview with associate director Cheryl Gallagher
    Theatre
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • We Ask These Questions of Everybody: An interview with Amble Skuse and Toria Banks
    Theatre
  • Identifying Features
    ★★★★★
    Cinema
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • WandaVision: Marvel’s charming sitcom proves an astounding success
    ★★★★★
    Cinema
  • The Queen’s Gambit: A chess story that’s not about the moves but the motives
    ★★★★★
    Cinema
  • Undercover at Morpheus Show Online
    ★★★★★
    Theatre
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

Online sales figures hit all-time high
Blockbuster UK to close 164 stores