Barclays Slashes 13,600 jobs in 9 Months to Restore Profitability

[kreslik.news]

It has not been a popular year for banking giants such as Barclays, Deutsche Bank, and others who are continuing to face falling revenues and profits.

In a bid to cut costs and improve the bottom line, Barclays has slashed 13,600 jobs in the nine months since Jes Staley arrived as chief executive, equating to 10 percent of its staff, as per a report in Reuters. 

Staley, who commenced work in December, cut 1,200 jobs in the investment bank in January as he pulled back from Russia, Brazil and seven countries in Asia.

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