16 September 2014

As banking goes digital, Barclays boss foresees massive job cuts

08 March 2013  |  9484 views  |  0 barclays Branch signage

Barclays could axe as many as 40,000 of its 140,000 employees over the next few years as banking services become increasingly automated, chief executive Antony Jenkins has predicted.

Jenkins floated the possibility during meetings with shareholders after the bank's annual results last month, according to Sky News, although the figure is "blue-sky thinking" and not a target.

Inevitably, with customers increasingly banking online and through their mobile phones, any major reduction in staffing levels would include Barclays' 1650-strong branch network.

The other major area which could see cuts is Barclays' investment bank's back office, insiders told Sky.

Last month Jenkins set out solid plans to axe 3700 jobs as part of a strategic review which also stressed the importance of technological innovation and automation in improving efficiency.

Yesterday Shaygan Kheradpir was promoted to the newly created role of chief operations and technology officer to help drive this tech-led revolution.

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