Barclays CEO defends plans as 19,000 jobs cut
Barclays
will cut a total of 14,000 jobs this year, higher than the expected
10-12,000, and a total of 19,000 will go between now and the end of
2016. Investors cheered the move and sent the stock up over 5 percent.
This includes cuts of 7,000 at the investment bank by the end of 2016,
as it is shrunk to around 30 percent of the overall business, down from
over 50 percent at the moment. Jenkins has had to re-focus the bank
from investment banking towards its traditional retail bank operations.
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