Barclays (BARC) To Lay Off Thousands In Massive Overhaul Of Giant Investment Bank: Report

  @MikeObelm.obel@ibtimes.com on March 13 2014 3:35 PM
Barclays
The logo of Barclays bank is seen at its office in the Canary Wharf business district of London April 1, 2013. Reuters/Chris Helgren

The planned Barclays PLC (LON:BARC) layoffs, which are expected to slash 10,000 to 12,000 positions, will also include two of the most senior executives, the Financial Times reported Thursday.

The London-based bank has drawn investor ire with its rising costs, partly through bigger executive bonuses, amid falling profits; shares have fallen 20 percent since mid-January.

Details of the overhaul, which include reallocating capital away from its investment bank to more profitable areas like Barclaycard and U.K. mortgage lending, will be revealed before summer, the newspaper reported, citing anonymous sources. Among the top leaders expected to get their walking papers are Tom King in the U.S. and Eric Bommensath in Europe, the global leaders of Barclays' investment banking operations.

Some 600 New York- and London-based directors are expected to lose their jobs within weeks, sources tell IB Times. 

Barclays, which has assets of about $2.41 trillion, is the world's seventh-largest bank and employs some 140,000 people in about 50 countries. 

 

 

 

 

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