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Radical two year plan at bank

Barclays poised to cut 30,000 staff to speed up change

BarclaysBarclays is to cut more than 30,000 staff over the next two years to tackle the underlying underperformance which earlier this month cost chief executive Antony Jenkins his job.

A redundancy programme will be unveiled, according to a report today, that will see the lender’s global workforce fall below 100,000.

Senior sources are said to have revealed the scale of the cutback which is designed to improve a share price that has barely moved since the financial crisis.

Mr Jenkins was ousted by the board over dissatisfaction over the pace of change at the bank.  John McFarlane has taken over as executive chairman until a successor is found.

The next CEO is expected to look keenly on automating manual processes within Barclays’ retail bank.

The board last week was forced to admit that deputy chairman Sir Mike Rake will likely step down at the end of the year after he was appointed chairman of WorldPay.

 

 

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