Barclays: 20,000 Job Cuts In New Strategy

Barclays has confirmed around 20,000 job cuts under a new strategy building on its aim to become the 'go-to' bank.

The details - as reported by Sky's City Editor Mark Kleinman on Wednesday evening - were revealed following a review which aimed to reduce risk in its investment operation and cut excessive costs.

The bank's update pleased investors - with its share price rising more than 3% when the FTSE 100 opened for business.

Barclays confirmed 14,000 positions would be axed across the Group during 2014 - around half of them in the UK.

Barclays share price has failed to recover from the financial crisis

A further 7,000 positions will go in the investment bank up to 2016 - but 2,000 of those had been previously announced.

In addition to the job losses, the bank's chief executive Antony Jenkins confirmed the creation of Barclays Non-Core - a unit to house "assets which do not fit the strategic objectives" of the group.

Barclays said it would look to run down or exit Risk-Weighted Assets worth £115bn from the new unit.

Mr Jenkins said: "This is a bold simplification of Barclays. We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage".

He added that Barclays would become "leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns, and growth".

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