Antony Jenkins, left, CEO of Barclays Bank and David Walker, Chairman of the bank pose for photographers in London, Thursday, April 25, 2013, prior to the bank's annual general meeting.
Barclays yesterday confirmed it is cutting an extra 7,000 investment banking jobs as part of a major strategic review.
The bank had already announced that 12,000 jobs would go this year.
However, that number increased to 14,000 yesterday as a result of the investment bank changes.
In total, the bank now expects to shed some 19,000 workers across its global operations by 2016.
The move came two days after Barclays announced earnings from its investments arm fell by half in the first quarter of 2014.
About a third of the new investment bank job cuts more than 2,000 in total will be in the UK.
The review also saw the group announce the creation of a so-called ‘bad bank’ vehicle in which it will hive off its European retail business which comprises £115 billion of “non-core” assets.
The move includes all of its customer branches in Portugal, Spain, Italy and France as well as a chunk of its investment banking operation including fixed income, currencies and commodities, plus emerging markets products.
Shares in the bank closed the day up 19.2p or 8% at 262.5p.
