Barclays Plans to Cut 7K Jobs at Investment Bank

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May 8 (Bloomberg) -- Barclays Plc will cut 7,000 jobs at its investment bank, about a quarter of the total, as CEO Antony Jenkins tries to revive profit by reducing the lender’s dependence on the unit. Bloomberg’s Francine Lacqua reports on Bloomberg Television's "Bloomberg Surveillance.” (Source: Bloomberg)

Anthony jenkins this time around when we had a strategy overhaul from him last year that did not work out?

That is the very first question i asked the ceo when he came on this morning.

He said this is a much bolder plan, making barclays leaner, stronger, and a much more balanced bank.

At the same time they are creating this -- he hopes that by being so bold, investors will see that he means business.

We lead in february of last year a clear direction for barclays.

We wanted barclays to become the go-to bank and deliver superior returns for our shareholders.

In the intervening time, there have been significant changes to the economic environment, so we have the same objectives.

This is a different way to get there, and i believe investors will have a higher degree of confidence in our ability to execute the strategy change.

This is key because now we can understand the regulatory environment that he is facing.

He says this is a good indication of barclays, that he will be focused as an international bank operating in only areas where it has key capabilities.

This is his strategy, the first time, he has been on the job for two years.

It is his win or his fail.

I am denying -- i am dying to know how this is playing in the city and how it is playing in america.

Will other banks follow the barclays model?

When you talk about the barclays model, it means that it is the one bank but it is looking -- probably deutsche bank.

Barclays is trying to put themselves in a stronger position without raising capital.

I am sure the executives that deutsche bank are looking at barclays as a test case.

It means they can monitor their core business for once, which has been tricky to value over the last two to three years.

Did bob dimon mess this up?

Bob diamond of course could barclays in a difficult position because of bar cap, right?

Is the investment bank that is doing so badly, but where he may be right, and he is now working on africa, is that africa is one of the big businesses that the new ceo wants to be in.

The fixed income is so weak.

And maybe he foresaw the next opportunity, which is banking in africa.

Francine lacqua, thank you so much, anchor of "the pulse." you can check out her interview on bloomberg.com.

I think she is dead on.

It is deutsche bank, and then you go over to u.s. banks.

This was mailed 18 months ago.

Gerard cassidy as well, but meredith -- barclays is exactly where they were back in 2010. isn't that amazing?

Let's get you a data check.

Jobless claims coming up at 8:30 a.m. futures not doing much at the moment, the 10-year yield higher

This text has been automatically generated. It may not be 100% accurate.

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