Seeking Alpha

Barclays to slash up to 12,000 jobs

  • Barclays (BCS) intends to axe 10,000-12,000 jobs this year, including 7,000 in the U.K.
  • CEO Antony Jenkins said the bank has notified around half of the affected workers in Britain.
  • The bank employed 139,600 staff at the end of last year.
  • Barclays announced the job cuts as it revealed in its FY report that its bonus pool rose 10% to £2.38B.
  • The firm said its 2013 earnings were hurt by legal costs and restructuring, including its withdrawal from some businesses.
  • Shares are -1.25% in London.
  • 2013 results
Comments (3)
  • Pretax (substantial) loss + job cuts (about 8%= 10k to 12k workers) to make up for the F__kups = 10% additional bonuses to the F__kors = simply amazing!
    11 Feb, 07:01 AM Reply Like
  • Amazing cut jobs yet increase bonus. Some poor fools job pay is sucked out to pay for higher up bonus when its easier to cut bonus and save jobs.
    11 Feb, 08:47 AM Reply Like
  • Actually it makes more sense for bankers to cut jobs and increase bonuses than reverse. Steal now when there is something left to steal so far, let others to clean the mess later. This is their way of doing business.
    14 Feb, 03:36 PM Reply Like
DJIA (DIA) S&P 500 (SPY)