Barclays is preparing to cut at least ￡2bn from its annual cost base of ￡20bn as part of a strategic overhaul to be presented by the bank tomorrow, say bank insiders and analysts.
The cuts are to focus on a retrenchment from some of Barclays’ investment banking operations in Asia, particularly its equities franchise, as well as a partial wind-down of retail and commercial banking in parts of Europe, such as Italy, bankers said.
As many as 2,000 jobs are set to go in the investment bank, with many thousands more at risk in other areas, under plans to be unveiled by Antony Jenkins, chief executive.
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