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Barclays to Cut 7,000 Investment Banking Jobs

Move signals the end of Barclays effort to build a global bank.

By Ambereen Choudhury and Elisa Martinuzzi, Bloomberg | Updated on May 08, 2014

Barclays Plc, under pressure to boost returns, will eliminate 7,000 jobs at its investment bank, about a quarter of the total, and signaled its effort to build a global bank is over.

Chief Executive Officer Antony Jenkins’s plan will bring the number of jobs to be cut across the firm by 2016 to 19,000, including the 12,000 the lender said in February it would eliminate this year. Barclays will create a bad bank to dispose of 115 billion pounds ($195 billion) of assets, including its European consumer arm. The investment bank will primarily target the U.K. and U.S., and serve fewer clients, while its Asian unit will be “more focused,” Jenkins told reporters today.

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