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Barclays strategic review to cost 3,700 jobs

UK lender Barclays has presented an outline for a rigorous review of 75 distinct business units to determine their operational feasibility including profitability as well as their impact on its reputation.

Under its restructuring program backed by chief executive Antony Jenkins, the bank will eliminate 3,700 jobs across the group including 1,800 in the corporate & investment bank and 1,900 in Europe retail and business banking in 2013.

Commenting on the overhaul of banking operations, Jenkins said, "We intend to change what Barclays does and how we do it and have set out clear commitments against which our progress can be measured."

"We expect to make good progress towards our financial commitments by 2014 and deliver them fully during 2015."

The restructuring will reduce the group’s total cost base by £1.7bn to £16.8bn in 2015, including interim cost estimates of £18.5bn and £17.5bn in 2013 and 2014, respectively.

The lender will continue focus in the UK, the US and Africa, as well as maintain an appropriate presence across Europe and Asia to support its global Investment Banking franchise.

It will shut down the structured capital markets business unit; and reorganize Barclays European retail operations to concentrate on the mass affluent customer segment.

Further, the lender will relocate Barclays European and Asian equities and investment banking division businesses to reflect the market opportunities and maintain a relevant proposition for its clients.

Trading in more than 50 nations, Barclays employs nearly 140,000 people and delivers personal banking, credit cards, corporate and investment banking and wealth and investment management services.