Barclays reportedly plans to cut 30,000 jobs

Barclays is reportedly planning to cut more than 30,000 jobs in the next two years, just days after the bank ousted chief executive Antony Jenkins.

According to sources cited by the Times on Sunday, the cuts – which are seen as the only way to address the bank’s underperformance and lift its share price – could take the bank’s global workforce to below 100,000 by the end of 2017.

The redundancies are expected to affect staff at middle and back office operations and the Times said Jenkins’ replacement is likely to cut jobs much faster and more deeply than he would have.