Tue 12 Feb 2013

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

  • By Yafit Lazar
  • Last Update: 4 years ago
  • United Kingdom

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. 

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