LONDON – Barclays PLC, the scandal-hit British bank, is to cut 14,000 jobs this year in an attempt to streamline operations and reduce the importance of the investment banking division.
It said Thursday that further reductions will be made at the investment banking arm over the next two years, taking the total number of reductions at the bank to 19,000 by 2016.
The 325-year old bank, which is Britain’s second largest by assets, is undergoing a culture change after a string of scandals, including its involvement in the rigging of the Libor interbank lending rate.
Chief Executive Officer Antony Jenkins has made restoring trust a centerpiece of his mission in reforming the bank – and the investment banking division has been one his primary targets because of the risky behavior it undertook before the 2008 financial crisis.
Barclays will be much less exposed to volatility in our investment bank; we will have a structurally lower cost base; and we will continue to invest for growth, he said in a statement.
We will be leaner, simpler and stronger.