Barclays PLC has joined the cost-cutting band wagon. The English banking pioneer will be cutting down 2000 jobs, which is expected to happen in the start of 2013, reports The Wall Street Journal.
Worldwide the banking sector has been facing a tough time with a host of scandals and wrongdoings cropping up recently.
The Investment banking sector is at a low due to weak economic conditions. Many banking giants have also predicted thin margins of profit, driving them to cut a host of jobs to lower costs, reported The Wall street Journal.
In Europe small investment banks are increasingly operating only in the commercial banking sector and retail industries, stated WSJ.
Barclays has been advised to cut around 1000 to 2000 jobs. Most job cuts will happen in continental Europe and Asia. The Barclays officials are hoping to protect the U.S. and U.K. franchisees from the looming redundancies, reported WSJ.
Antony Jenkins, CEO of Barclays has been planning the haul for a while after the recent rigging- interest controversy. To look after the compliance procedures, Hector Sants - former chief city supervisor - will be joining Barclays in the month of January. However, Sants will not be offered a position on the board. Sants will also be investigating the bank's payment protection insurance and interest rate swaps for the financial services authority, reported The Guardian.
Executive at Barclays have readied themselves for the worst and are evaluating jobs in lush sectors like Information Technology. Barclay's axing would most probably affect jobs in the divisions of equity sales and trading, in which it is lagging behind its rivals, reported WSJ.
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