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| Barclays to cut 14,000 jobs as investment bank shrinks | Barclays to cut 14,000 jobs as investment bank shrinks |
| (35 minutes later) | |
| Barclays is to cut 14,000 jobs this year - half of them in the UK - as part of a new strategy, the bank has said. | Barclays is to cut 14,000 jobs this year - half of them in the UK - as part of a new strategy, the bank has said. |
| The number is higher than the 10,000 to 12,000 jobs that the bank said earlier this year that it wanted to cut. | The number is higher than the 10,000 to 12,000 jobs that the bank said earlier this year that it wanted to cut. |
| The investment part of the bank, which has been hit by a slowdown in the demand for government and company debt, will lose about 7,000 jobs by 2016. | |
| In total, there will 19,000 jobs lost at Barclays by 2016, with about 10,000 to go in the UK. | In total, there will 19,000 jobs lost at Barclays by 2016, with about 10,000 to go in the UK. |
| Barclays will also set up a "bad bank" which will eventually sell or run down £115bn of non-core operations. | Barclays will also set up a "bad bank" which will eventually sell or run down £115bn of non-core operations. |
| These include £90bn of investment bank assets and all of its European retail banking operations, amounting to £16bn of assets. | These include £90bn of investment bank assets and all of its European retail banking operations, amounting to £16bn of assets. |
| Retail banking in Spain, Portugal, Italy and France will be shifted to non-core operations. | |
| The carve-up will give greater prominence to Barclays' retail operations in the UK, its Barclaycard credit card arm and its African business. | The carve-up will give greater prominence to Barclays' retail operations in the UK, its Barclaycard credit card arm and its African business. |
| "This is a bold simplification of Barclays," said chief executive Antony Jenkins. | "This is a bold simplification of Barclays," said chief executive Antony Jenkins. |
| "We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage." | "We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage." |
| At the investment bank, 2,000 jobs will go this year, with another 5,000 positions being lost by 2016. | At the investment bank, 2,000 jobs will go this year, with another 5,000 positions being lost by 2016. |
| The investment bank employs around 26,000 people, a spokeswoman said. | |
| In the first quarter of this year, Barclay's investment banking business was hit by a 28% slump in revenue. | In the first quarter of this year, Barclay's investment banking business was hit by a 28% slump in revenue. |
| Revenue from trading in currencies, bonds and commodities dropped 41% to £1.23bn. | Revenue from trading in currencies, bonds and commodities dropped 41% to £1.23bn. |
| Do you work for Barclays? Are you affected by the job cuts? You can send an email to haveyoursay@bbc.co.uk adding 'Barclays' in the subject line. | Do you work for Barclays? Are you affected by the job cuts? You can send an email to haveyoursay@bbc.co.uk adding 'Barclays' in the subject line. |