Barclays sets for group overhaul following strategic review shedding 3,700 jobs
Barclays has announced the outcome of a strategic review as it aims to become the 'go to' bank while it is set to shed 3,700 jobs across the group.
The banking brand aims to implement a number of commitments over the next two years, which group chief executive Antony Jenkins said meant 'changing' it.
"We intend to change what Barclays does and how we do it and have set out clear commitments against which our progress can be measured," continued Jenkins. "Our goal is to make Barclays the 'Go-To' bank for all our stakeholders. The plan that we set out today is critical to delivering that goal.
"Our plan is built on a rigorous review of 75 distinct business units to determine not only their ability to generate an appropriate and sustainable return on equity, but also their strategic attractiveness, including their impact on Barclays reputation. We expect to make good progress towards our financial commitments by 2014 and deliver them fully during 2015.
"We have today set out a new course for the future of Barclays. I am extremely proud of the way our 140,000 staff have overcome the difficulties of the last year and shown the resilience necessary to deliver the results we announced this morning. It gives me great confidence in our ability to deliver our goal and from today I am determined that no-one should be able to question our intent or our commitment to the path that I have set out," he concluded.
Through a strategy entitled 'Reform', the proposals will aim to reduce the group's cost based by £1.7 billion before 2015 and will restructure its European retail business to focus on affluent customers and offer 'greater transparency' over its financial performance.
The announcement followed the bank reporting a pre-tax profit of £7.05 billion for last year.
UPDATE: Barclays would not comment on how this announcement would affect its marketing plans however its UK strategy is likely not be altered as it aims to build on its strong performance across Continental Europe. The Drum understands that no departments have yet been identified, meaning that the marketing and communications teams may yet be involved in the restructure process.