Job cuts in Canary Wharf announced by Barclays

By Rob Virtue on May 8, 2014 10:17 AM |


Barclays has announced it is to cut 19,000 jobs worldwide - with around 10,000 of them in the UK.

The group will shed 2,000 investment bank roles this year, with another 5,000 to go by 2016. About a third of the investment bank - formerly Barclays Capital - is based in the UK, with the vast majority in Canary Wharf.

The investment bank employs 26,000 people. In total around 140,000 people work for the group.

Chief executive Antony Jenkins said: "This is a bold simplification of Barclays.

"We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage."

In its full-year results in February, Barclays said 10-12,000 jobs would go this year. However, in total there will now be 15,000.

The group has also announced the setting up of a "bad bank" to depose of £115billion of non-core operations, including £90bn of investment bank assets.