Barclays Plc expects to axe up to 12,000 jobs this year to cut costs and counter falling income at its investment bank, where profits slumped last year.
But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.
The bank said on Tuesday that 7,000 of the jobs will go in Britain and half of the affected staff there had already been notified. The latest cuts are not concentrated in any single business area. Full story
Related:
- Barclays to cut up to 12,000 jobs as aims to trim costs - BBC News
- Barclays to axe up to 12,000 jobs - The Telegraph
- Barclays to cut 12,000 jobs, pays bigger bonuses - Reuters
- Barclays to cut 12,000 jobs as bonus pool jumps 10% despite profit slump - The Independent
