Barclays is reducing its workforce and plans to focus on its core strengths.
The U.K.-based bank intends to cut 7,000 jobs at its investment bank by 2016. That’s on top of the 12,000 jobs the company said it would cut across all divisions in February.
The investment bank will focus primarily on its core markets in the U.S. and the U.K.
And Barclays will focus on its retail banking operations in the U.K., its credit card business and its banking operations in Africa.
“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,” says Barclays CEO Anthony Jenkins. “In the future, Barclays will be leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns and growth.”
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