Report - Barclays imposes travel ban as job axe looms

Laptop On Flight Airplane

Part of a renewed cost-cutting drive.

Barclays has slapped travel restrictions on its staff around the world as part of a renewed cost-cutting drive that is expected to include hundreds of job cuts in the coming weeks.

Sky News has learnt that Antony Jenkins, the bank's CEO, has authorised a ban on all employee travel for internal meetings and demanded that executives restrict themselves to international travel only for 'essential' discussions with clients and regulators.

The edict, which is understood to have signed by chief financial officer Tushar Mozaria earlier this month, comes as Jenkins prepares a new wave of job cuts that insiders said was likely to impact on highly-paid directors and managing directors at its investment banking division.

Around 1,700 jobs were cut in the unit last year, with several hundred more expected to be shed in the next few weeks, said a person familiar with Barclays' plans.

Hit the link below to access the complete Sky News article:

Barclays Imposes Travel Ban As Jobs Axe Looms

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