Barclays ‘Done With Massive Layoffs’ Once Non-Core Unit Closed

  • U.K. bank is winding down and selling capital-intensive assets
  • Core bank did a ‘good job in 2016,’ CEO Jes Staley says

Barclays' Staley on Brexit, Markets, Job Cuts

Barclays Plc’s will have completed large-scale job cuts after closing a unit housing unwanted assets this year, according to Chief Executive Officer Jes Staley.

“We will close non-core in 2017,” Staley, 60, said in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland on Thursday. “Once that non-core is done, we are done with massive layoffs.”

The London-based bank has cut thousands of jobs to shore up profitability and moved billions of pounds of capital-intensive assets to the non-core unit to be wound down or sold to improve its financial strength. Staley’s comments on the U.K. bank’s situation come as competitor Deutsche Bank AG is said to have told some staff on Wednesday that job cuts will continue.

“Now we are a bank that we want to be, we look forward to the future,” Staley told Francine Lacqua and Erik Schatzker. “We think our core bank did a very good job in 2016. We feel we’re very well-positioned for 2017. ”

When asked whether Barclays will start hiring this year, Staley said “it’ll be nice to run the bank status quo for a while.”

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