Right after taking a swing at Barclays’ CEO Antony Jenkins, the axeman is reportedly set to descend upon more than 30,000 of the firm’s employees over the next two years.
According to The Times (paywall), the bank is currently planning to slash more than 30,000 jobs worldwide in a move deemed to be “the only way to address the bank’s chronic underperformance and hit an ambitious target of doubling its share price.”
Middle and back office employees are apparently the most likely to be affected by the plan, as they believe that these are the places where they’d get the most cost savings, though how much of its Asia-based staff will become redundant is currently unclear.
What is however is that the program could bring the firm’s already thin workforce below 100,000 by the end of 2017, creating a much leaner firm in the process. Whether it will be scrappier as well, only time will tell.
Photo credit: Nic Taylor via Flickr