Monday, February 11, 2013

Barclays to cut annual costs by at least £2B a year in revamp.

Barclays (BCS) reportedly intends to slash at least £2B from its £20B annual cost base as part of an overhaul that CEO Anthony Jenkins is due to unveil tomorrow. Under "Project Transform," Barclays will cut 2,000 investment-banking jobs and scale back various operations in Europe and Asia. Barclays also plans to axe its tax-avoidance unit, which has generated huge profits but is seen as toxic to the bank's battered reputation. Shares were +0.8% at midday in London.