The bank is already undergoing a major cost-cutting programme which saw 14,000 posts slashed past year and is expected to see 5,000 more go by 2016, with dozens of branches also closing down.
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It was understood that the bank’s new chief executive will have to sign up to a major jobs cull, according to the report.
A customer, right, stands at a desk inside a Barclays Plc bank branch in London, United Kingdom. The firm a year ago announced plans to eliminate a few 19 000 jobs by 2016.
The proposed cuts could leave the bank, which employs around 130,000 people, with a workforce of fewer than 100,000. The bank is continuing to search for a permanent replacement. “Barclays isn’t the most efficient bank and there has been poor delivery of cost control so far, particularly in the investment bank”. The shares are up about 16 percent this year.
While McFarlane’s reputation for deep cost cuts at United Kingdom insurer Aviva Plc earned him the nickname “Mack the Knife“, he has signalled he will focus on boosting revenue at Barclays.
During a townhall-style presentation this month, he said he aims to double the share price over the next three or four years, while possibly investing in some businesses. “Cost is important,” he told Bloomberg in early July.
Barclays plans to cut 30,000 jobs by the end of 2017 in a bid to speed up its latest cost-cutting strategy, a newspaper report has suggested just over a week after its chief executive was sacked.
Barclays said in May 2014 it will cut 7 000 jobs at its securities division, about a quarter of the total, adding to some 12 000 reductions announced earlier that year.
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Banks are cutting jobs as bosses strive to improve profitability that has been hurt by tougher regulation. The bank employs significantly more people than Lloyds and RBS, with have 95,088 and 89,700 on their books respectively according to the report.
