British banking giant Barclays is set to slash up to 12,000 jobs this year even as bank’s total bonus pool for 2013 rose by 10% to £2.38 billion, from £2.17 billion a year ago.
The new job cuts, which is part of the bank’s stratetgies to lower costs, would include 7,000 jobs in Britain and some 800 members of its management.
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The bank. Which currently has 140,000 employees, has already slashed nearly 7,650 jobs so far as part of its restructuring.
The bank’s chief executive Antony Jenkins on a conference call said that about half of the staff affected have already been informed about the decision.
Commenting on the decision, Jenkins said: "We employ people from Singapore to San Francisco and need the best people in the bank to drive sustained returns to shareholders."
Jenkins, who himself is not taking a bonus for a second year running, however defended increase in bonus pool saying the bank had to pay for performance in a competitive market.
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By GlobalData
