The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
10,000 - 14,000 jobs Number of planned job losses
Announcement Date
11 February 2014
Employment effect (start)
11 February 2014
Foreseen end date
31 December 2014
Description
On 11 February 2014, Barclays announced its plan to reduce its workforce by up to 12,000 positions this year. According to media reports, the Bank is planning to cut between 10,000 and 12,000 jobs, which will include 7,000 positions in the UK. Around half of the employees who will be affected by these job cuts have already been informed. Barclays is hoping for the majority of the announced job cuts to be achieved voluntarily.
The job cuts will also include staff reduction among senior management positions, with 820 senior managers, 220 managing directors and 600 directors being affected.
Barclays, the UK’s third-biggest bank, operates across 50 countries and currently employs around 140,000 staff worldwide. In 2013, Barclays cut 7,650 positions (for previous restructuring cases see Factsheets 23191, 15825 and 12462).
Update (08/05/2013): On 8th May 2014, Barclays announced that it would implement an additional wave of job cuts globally as a result of a scaling down of its investment banking operations. 7,000 jobs will be cut in the bank’s investment banking operations over the next 3 years. 2,000 of these job losses will take place in 2014, in addition to the 12,000 redundancies announced in February. This brings Barclays’ overall job loss count for the year up to 14,000.
The other 5,000 job cuts (about 2,000 only in the UK) in the bank’s investment banking branch will be implemented by the end of 2016.
Sources
11 February 2014: Reuters
8 May 2014: Financial Times
11 February 2014: BBC
Citation
Eurofound (2014), Barclays, Internal restructuring in World, factsheet number 76624, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76624.
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