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February 12, 2014updated 04 Apr 2017 2:31pm

Barclays to cull 12,000 more jobs to lower costs

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.

By Verdict Staff

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.

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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