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Hundreds more jobs set to go at Barclays

Barclays looks set to axe hundreds more jobs, mainly at its investment banking arm due to a strategic review that would be published on May 8.

The review is likely to mean hundreds of job cuts in addition to plans announced earlier this year by the bank to slash 12,000 posts.

The bank aims to cut hundreds of more jobs, mainly in its investment arm. Credit: Tim Ireland/PA

Chief executive Antony Jenkins wrote to all group staff this morning, saying the company would answer questions including how best to "simplify" its operations and which of its businesses it should "focus on and invest in".

Mr Jenkins warned staff that regulation and the wider economy were having a "significant effect on some parts of our business which we need to address proactively".

He added: "The future for Barclays will be as a strong, focused, international bank. And the investment bank will continue to be part of that mix".

More: Barclays to cut 7,000 UK jobs as bonus pool up 10%

Trio of mobile banking apps crash on payday

Mobile customers of Barclays, NatWest and RBS are enduring a difficult final day of the month - payday for many Britons - after being locked out of their banking apps.

All three banks announced problems with their apps on their Twitter accounts, saying:


We’re aware that there are issues with accessing our Barclays Mobile Banking app; this is being looked into on an urgent basis. 1/2


We’re aware of some issues on our Mobile Banking service and are working hard to fix them. Sorry and thanks for your patience.


If you’re having difficulty with our mobile app, online banking, telephone banking and ATMs are all working normally.

The trio urged their customers to use online banking, telephone banking, ATMs or visit a local branch to deal with their money issue or pay a bill.


Barclays bonus rise 'in the interests of shareholders'

Barclays' CEO has told ITV News the rise in the company's bonus pool is "in the long-term interests of our shareholders".

Antony Jenkins told Economics Editor Richard Edgar there was still a downward trend in bonuses and incentives in the long term, insisting the move was necessary to "get the best talent in the world" to work at the bank.

Barclays culture change 'could become skin deep'

The culture change promised by Barclays "will be less than skin deep" if the group continues to increase bonus pools while cutting jobs, Unite union's national officer has said.

Dominic Hook questioned how the bank will maintain customer service standards after the 7,000 planned UK redundancies, and said workers "will be angry that they are bearing the brunt of the cuts".

Rather than reward the very few at the top and plan to cut thousands more jobs, Barclays should have used today to give a copper-bottomed guarantee that it will not close 400 branches across the UK - a quarter of its branch network.

– Dominic Hook, Unite

Labour: bonuses should be taxed

Bonuses such as those awarded by Barclays should be taxed, Labour's Shadow Financial Secretary to the Treasury has said.

Cathy Jamieson MP
Shadow Financial Secretary to the Treasury Cathy Jamieson claims the plans would help produce "higher living standards for all". Credit: PA

Cathy Jamieson MP said such a tax "could fund a paid job for every young person out of work for 12 months or more, which they would have to take up or lose benefits".

The proposal, announced by Shadow Work and Pensions Secretary Rachel Reeves yesterday, would be used to create 56,000 jobs.

Barclays awarded £2.38 billion in bonuses and other incentive awards to staff last year, up 10% from 2012.

Read: Barclays cutting 7,000 UK jobs


Barclays cutting 7,000 UK jobs

Barclays has confirmed it is in the process of cutting 10,000 to 12,000 jobs this year, of which 7,000 losses are expected in the UK.

However, the group stated that around half of these redundancies have already been announced to staff internally.

Barclays' bonus pool rose to £2.38 billion last year, up 10% from 2012. Credit: PA

Barclays also said it would cut 820 senior manager roles, including 220 managing directors and 600 directors.

The group currently has a 140,000 strong workforce.

Barclays payouts up 10% while earnings fall by a quarter

Barclays awarded £2.38 billion in bonuses and other incentive awards to staff last year, up 10% from the £2.17 billion in 2012.

Barclays CEO Antony Jenkins
Barclays CEO Antony Jenkins waived his 2013 annual bonus last week, saying it "would not be right, in the circumstances". Credit: PA

But the group's adjusted pre-tax earnings dropped by a quarter last year to £5.2 billion, falling short of analysts' forecasts.

Barclays bonus figures rise to £2.38bn

Barclays has released its bonus figures for 2013, showing the group paid out a total of £2.38 billion in incentives.

Barclays branch
The bank paid out £2.17bn in total incentives in 2012. Credit: PA

The banking group revealed yesterday that their pre-tax profits for 2013 rose to £2.9bn, while adjusted pre-tax profits fell to £5.2bn.

Barclays was due to release the results all in one go today, but a Financial Times report was "close enough" to the actual figures to prompt the group to release their profits a day early.

Barclays to 'take steps to contact & advise customers'

Barclays Bank sought to reassure customers that it had "taken every practical measure" to ensure their personal and financial details "remain as safe and secure as possible" following The Mail on Sunday's claims of a data breach.

The bank said it contacted the Information Commissioner and other regulators on Friday, when it was made aware of the report.

Read: Thousands of Barclays' customers files 'stolen and sold'

Our initial investigations suggest this is isolated to customers linked to our Barclays Financial Planning business which we ceased operating as a service in 2011.

We will take all necessary steps to contact and advise those customers as soon as possible so that they can also ensure the safety of their personal data.

Protecting our customers' data is a top priority and we take this issue extremely seriously.

This appears to be criminal action and we will co-operate with the authorities on pursuing the perpetrator.

– Barclays spokeswoman
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