The London-based bank Barclays has said that they will be cutting off around 14,000 jobs this year and half of them will be in the United Kingdom. The company has said that the move is part of their revamp strategy.
“This is a bold simplification of Barclays,” Chief Executive Officer Antony Jenkins said in a statement. “We will be a focused international bank, operating only in areas where we have capability, scale, competitive advantage.”
The bank has also said that they will be cutting 19,000 more jobs in 2016.The investors on the stock market appear to have welcomes the news of the company as the company stock rose nearly 6% on the London Stock Exchange.