The Financial Times reports that Barclays is preparing to cut at least £2bn from its annual cost base of £20bn as part of a strategic overhaul to be presented by the bank on Tuesday, say bank insiders and analysts.
As many as 2,000 jobs are set to go in the investment bank, with many thousands more at risk in other areas, under plans to be unveiled by Antony Jenkins, the firm's CEO.
The Wall Street Journal reports that Jenkins's cuts are likely to be focused on areas where Barclays lags far behind competitors, executives say. That could include parts of the equities sales-and-trading businesses in Asia and continental Europe, according to analysts and people at other banks. Those are businesses in which former CEO Bob Diamond spearheaded an ambitious expansion, but where Barclays remains a second-tier player.
Finally, Elliott Gotkine reports on job cuts at Barclays.
He speaks with Mark Barton on Bloomberg Television's Countdown.
Barclays plans £2bn cost-cutting (subscriber content)
Makeover at Barclays Won't Be Extreme (subscriber content)
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