- Plans to gut its investment bank (7K job cuts), park £400B of assets in a "bad bank", and cut another 12K positions from the rest of the company light a fire under Barclays (BCS +7.8%). The lender's current workforce is 139.6K strong, and the 19K in cuts announced today stands against a plan of just 12K expected earlier this year.
- Barclays' reshaped investment bank will concentrate on the core markets of the U.S. and the U.K., and the top 1K clients who generated more than 75% of revenues last year. The investment bank will now account for 30% or less of risk-weighted assets, down from 50% now.
- Talking a different line than JPMorgan's (JPM +0.4%) Jamie Dimon, Barclays boss Antony Jenkins says the evaporation of trading revenue is indeed secular, not cyclical.
- Previously: Cyclical or secular? JPMorgan warns again on trading business
- Previously: Barclays plans to axe 19,000 jobs
From other sites
at CNBC.com (Wed, 2:57PM)
at CNBC.com (Mar 18, 2015)
at CNBC.com (Mar 17, 2015)
at CNBC.com (Mar 12, 2015)
at CNBC.com (Mar 11, 2015)
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