Barclays Plc is set to announce plans to cut thousands of jobs and shrink its investment bank as Chief Executive Antony Jenkins tries to get his turnaround plan for the British bank back on track after a bad 10 months. Jenkins, who took the CEO hot seat in August 2012 after investment banker Bob Diamond was ousted following a scandal over the rigging of benchmark interest rates, will lay out a revised strategy for Barclays on Thursday.His original plan to cut jobs and improve profitability, set out to much fanfare less than 15 months ago, needs some significant revisions.UK rules forcing the bank to hold more capital than expected, a slump in trading revenues, an exodus of U.S. investment bankers and another row about their bonuses has left Jenkins needing to revise his strategy and make deeper cuts."They've got to bring one very big hare out of a very small hat," one shareholder in the bank said on Wednesday.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS fell by 0.42% or $-0.07/share to $16.51. In the past year, the shares have traded as low as $15.32 and as high as $19.59. On average, 2940780 shares of BCS exchange hands on a given day and today's volume is recorded at 2699099.
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