MOSCOW, May 8 (RIA Novosti) - London-based finance giant Barclays plans to cut 7,000 jobs in a move to revive profit by reducing dependence on its investment bank unit, the lender said Thursday on its website.
"Specifically, our plans for the Investment Bank will result in gross headcount reductions of around 7,000 to 2016," reads the costs section of the Group Strategy Update, revising the "gross headcount reduction from 10-12,000 to around 14,000."
The company is set to create a bad bank to dispose of $195 billion of assets in an attempt to cut the investment bank's share in the firm's assets from about one-half to one-third by 2016.
CEO Antony Jenkins is reshaping the group's strategy as Barclays has recently been the worst performing bank stock in Britain. Investor sentiment is currently pushing the lender to dismantle the fixed-income dominated investment bank, as financial institutions settled to exit most debt-trading gain in capitalization.
