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Staley gets rid of 6000 staff in Barclays in 4 months

Barclays CEO Jes Staley said he could eliminate more than 6000 positions in his first 100 days as in charge of the bank. The bank has cut down its investment bank operations and exited countries from Brazil to the Philippines. Staley said this number is double of what was done in the last four years. Staley has moved to simplify Barclays after inheriting a bank that is seen about £20 billion ($28 billion) of profit in the past five years wiped out by misconduct charges. The CEO announced plans to step back from a century of operations in Africa, closed offices in seven countries in Asia and pledged to sell-down the bank’s non-core assets faster. The bank had 129,400 full-time equivalent employees at the end of 2015, down from 139,600 in 2013.

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