Barclays reportedly sets investment bank overhaul

|About: Barclays PLC (BCS)|By:, SA News Editor

Calling it a radical overhaul, the FT reports the move will result in thousands of job cuts and boost pressure on the unit's heads - Tom King in the States and Eric Bommensath in Europe. The shakeup comes amid shareholder unrest following the bank's increasing bonus payments by 10% last year despite declining profits, and some investors have indicated they will vote against the compensation package at next month's annual meeting, putting pressure on Barclays (BCS +0.4%) CEO Antony Jenkins to take action.

The new strategy is expected to be unveiled before summer and could include replacing King and Bommensath, though Barclays denies plans for a leadership change. Both of them were appointed just one year ago.