The Presidential Daily Brief

Important

  1. Barclays Plans to Cut 19,000 Jobs

    In a bid to improve returns, Barclays has announced it will cut thousands of jobs across its divisions by 2016. This year will see 14,000 positions axed — half of them in the UK. The investment division — hit by a 28 percent drop in revenue in the first quarter — will lose 7,000 jobs, starting with 2,000 this year. It will also cut nearly half of its assets. Referring to it as a “bold simplification,” Chief Executive Antony Jenkins said the more-focused Barclays will operate “only in areas where we have capability, scale and competitive advantage.”

    Sources: BBC, Forbes

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