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HomeBreadcrumbCalendarsBreadcrumbEconomic CalendarBreadcrumbEconomic Institutions & Funds

Barclays announces 2,000 job cuts and closure of tax avoidance unit

Tuesday 12 February 2013
United Kingdom

Published: 11 Feb 2013 | By Yafit Lazar and 2 others | Last updated: 11 Feb 2013
   
Barclays announces 2,000 job cuts and closure of tax avoidance unit -
Barclays announces strategic changes following...
Flickr-ell brown

Barclays' chief executive Antony Jenkins is expected to announce the outcome of its Transform review, which will see the bank cut 2,000 jobs and close its tax avoidance unit.


The move comes after the bank came under heavy fire over its culture of focusing on short-term profits and bonuses, as well as its processes and controls that failed to prevent the scandal.


"Tuesday is an important day in the 320-year history of Barclays. Combined with announcements on purpose and values, our strategy review will set out a fundamentally new approach for a new era," Jenkins said. 


Jenkins has warned that the turnaround plan could take five to ten years to implement. 

He said: "This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the Transform review of Barclays business, the outcomes of which will be announced on February 12."
- www.scotsman.com | 2013-02-11
Sources
Job risk at Barclays investment arm news.uk.msn.com, 23/01/2013
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Created by Yafit LazarCreated by Yafit Lazar
on Thu 31 Jan 2013
Modified by Yafit LazarLast modified by Yafit Lazar
on Mon 11 Feb 2013
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Location: United Kingdom
Date: Tuesday 12 February 2013
Duration: 1 day
Planning: confirmed
Ended: 101 days ago

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