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  • Britain's Barclays to axe 19,000 jobs under revival plan

    Britain's Barclays (BARC.L) will axe 19,000 jobs in the next three years and set up a "bad bank" to house much of its investment banking business and European retail operations as it strives to turn itself around in the face of a trading slump.

    Chief Executive Antony Jenkins has taken a knife to Barclays' investment bank, once the group's profit engine, after a slide in revenues, a string of senior departures and a row with shareholders over bonuses.

    Under the latest strategic review, Barclays will cut 7,000 jobs from the investment bank and park some 90 billion euros worth of risk-weighted assets from the division in a bad bank.

    More:http://www.bbc.com/news/business-27321589
    Last edited by Autoking; 05-08-2014, 09:05 AM.
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