Barclays to axe 30,000 jobs in turnaround drive

Barclays is planning to cut over 30,000 jobs in the next two years, after firing chief executive Antony Jenkins earlier this month.

The beleaguered bank said this is the only measure to turn around its flagging performance, with the aim to double its share price over the period, The Times reports. The redundancy programme is set to reduce the bank's workforce to under 100,000 by 2017 and will likely affect middle and back office operations. Sources quoted by the paper said the incoming chief executive, who is yet to be appointed, will cut jobs much more quickly than Jenkins in a bid to turn around the bank's fortunes. Fidelity's Wright: Barclays turnaround has only just begun Jenkins was fired by the bank...