Barclays’s Jenkins Sees Job Losses in ‘Certain Areas’Gavin Finch
Barclays Plc Chief Executive Officer Antony Jenkins said he will cut more jobs in “certain areas” of the business.
The U.K.’s second-largest bank by assets needs to “get more efficient, get more effective and focus more on the customer,” Jenkins said in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland today. “And as technology comes along that will mean that we will lose jobs in certain areas.”
Jenkins, who took over from Robert Diamond in 2012, has told investors that Barclays may trim its workforce by almost a third in the next decade as automation and online banking develop, two people with knowledge of the conversations said in March. London-based Barclays employed 139,200 people in 2012, about 24,000 of whom worked in the investment bank, according to its annual report.
“We’re still going to be employing a lot of people,” Jenkins, 52, said in the interview. “The banking industry is going through what I like to call a 100-year transformation.”
The bank needs to reduce costs, Barclays Chairman David Walker told Swiss newspaper Handelszeitung in an interview published today. The industry will cut jobs in the next five years in capital markets and in the “end customer business,” he said.