Barclays rumoured to be planning further job cuts

Antony Jenkins
Barclays’ outgoing chief executive, Antony Jenkins

Barclays, which employs around 3,000 people in Scotland, may be planning to cut more British jobs, according to a newspaper report.

The London-based lender is purportedly looking to axe 30,000 jobs across the UK to bring its global workforce below 100,000 people by the end of 2017, according to The Times, citing “senior sources” in the bank.

However, sources told the Reuters news agency that there were no immediate plans to cut more jobs than previously announced.

The company previously said that it would be reducing its workforce by 19,000 to 113,000 on the same timescale. At least 7,000 jobs in the investment banking arm are expected to go across the UK.

The reports of further cuts come as chief executive Antony Jenkins departed the firm and John McFarlane, a Scottish banker, became chairman and assumed day-to-day running of the bank.

Mr McFarlane will talk about his plans at the bank’s second quarter financial results next week.

Industry analysts believe Jenkins’ eventual permanent replacement could come under pressure to make radical cuts in order to deliver better returns than his predecessor.

Around 1,500 Barclays employees in Scotland are in support roles for the wealth management, investment management, private banking and investment banking arms of the company.

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