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Barclays is to cut 19,000 jobs by 2016, with more than 9,000 to go in the UK, the bank has said.
As part of a new strategy, the investment part of the bank will lose about 7,000 jobs by the end of 2016. Barclays' investment bank has been hit by a slowdown in the demand for government and company debt. Barclays will also set up a "bad bank" which will eventually sell or run down £115bn of non-core operations. These include £90bn of investment bank assets and all of its European retail banking operations, amounting to £16bn of assets. Retail banking in Spain, Portugal, Italy and France will be shifted to non-core operations........Read more here
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