Barclays to cut 19,000 jobs by end of 2016

Barclays plans to axe more jobs than it had previously announced, as part of the chief executive's ambitious cost-cutting plans.

In total, over the next three years Barclays will reduce its headcount by 19,000. The bank has revealed it will cut 14,000 jobs this year, more than the 10,000- 12,000 it had previously stated. By the end of 2016, some 7,000 roles will be lost from its investment banking division, which has been hit hard by the slowdown in demand for fixed income. The cuts will be part of the new strategy as the business is separated into a good and bad bank, in a move similar to rival Royal Bank of Scotland. The bank's shares have already taken a hit over the last couple of days, down nearly 6%...