Barclays to cut 7,000 UK jobs in 2014

Banking giants Barclays has revealed plans to shed 14,000 jobs across its worldwide operations in 2014 as part of a new strategy, with half of the cuts affecting its UK-based staff.

The investment part of the banking group, which has been hit by a slowdown in the demand for government and company debt, will bear the brunt of the cuts. Around 7,000 employees in this branch will be made redundant by 2016, Barclays revealed.

In total, there will 19,000 jobs lost at Barclays by 2016, with about 10,000 to go in the UK.

Apart from its cost optimization measures, Barclays will also set up a “bad bank” which will eventually sell or run down £115bn of non-core operations.

These include £90bn of investment bank assets and all of its European retail banking operations, amounting to £16bn of assets.

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