Banking giant Barclays to cut up to 12,000 jobs

Barclays, one of the UK’s and the world’s largest banking groups, has announced plans to cut its workforce by 10,000 to 12,000 members of staff this year, including 7,000 in the UK, a recent media news report has revealed.

The move is aimed at streamlining operations and reducing overall operational costs across the bank’s various units. Cuts would hit 820 senior manager roles, of which 220 were managing directors and 600 directors, with close to 400 of the senior job cuts coming from Barclay’s investment bank.

Barclays has been under fire lately for pushing up its bonus pool for 2013 by 10% to £2.38bn, from £2.17bn in 2012, while paid dividends were actually significantly smaller (£859m in 2013).

The new bout of redundancies follows last year’s decision to cut no less than 7,650 jobs, and the bank said that it’s looking forward to a smooth transition, with most of the cuts coming in the form of voluntary redundancies.

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