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Huge downsizing at Barclays

Barclays will downsize its investment bank by axing 19,000 jobs across the entire group over the next two years. This year, the bank will cut 14,000 positions, or one-tenth of its global workforce, more than an initial plan to remove up to 12,000 jobs in 2014. Some 7,000 investment bank staff will lose their jobs by 2016 – more than a quarter of employees at the division, whose huge bonuses and vast salaries have fuelled public and shareholder anger. Barclays said in a statement it will also create a ‘bad’ bank for non-core assets with a total value of £115 billion that would be sold or simply allowed to run down. As part of the overhaul, the company will incur £800 million of extra costs, exit its European retail banking business and focus on its Africa-wide and credit card businesses. Barclays employs about 139,000 staff worldwide, including around 26,000 in its investment bank.

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