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Barclays Plan 30,000 Job Cuts

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http://uk.reuters.com/article/2015/07/20/uk-barclays-redundancies-idUKKCN0PT0SQ20150720

Barclays Plc plans to cut more than 30,000 jobs within two years after firing Chief Executive Antony Jenkins this month, The Times reported on Sunday.

This redundancy programme, which could reduce the bank's global workforce below 100,000 by 2017 end, is considered as the only way to address the bank's chronic underperformance and double its share price, the newspaper said, citing senior sources.

These job cuts are likely to affect staff at middle and back office operations, where largest savings are achieved, the Times said.

The paper said that a potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ousted boss.

Provide better service? No

Provide better products? No

Sack staff for a quick fix and try and boost the share price? Yes

More importantly I'm sure none of this under performance has anything to do with senior managers on seven figure salaries and large share options.

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They're all at it, Natwest, Lloyds and more recently HSBC announcing huge job cuts. Now they are having to do things legally there aren't many jobs going...

Edited by Sparker

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Also tech.

Same repeating theme on HPC.

With apps, and web forms, everything can be done online or from a smart phone. We won't need cash, because it will be on a phone payment. In shops we'll just wave our phones at the exit, and it will be paid for (using the scanner on our phone to scan bar codes). So we won't be going into banks to get money changed or currency for going abroad.

Automatic direct debit renewal means I don't bother speaking with a broker - and I am probably sure that most other people don't.

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Also tech.

Same repeating theme on HPC.

With apps, and web forms, everything can be done online or from a smart phone. We won't need cash, because it will be on a phone payment. In shops we'll just wave our phones at the exit, and it will be paid for (using the scanner on our phone to scan bar codes). So we won't be going into banks to get money changed or currency for going abroad.

Automatic direct debit renewal means I don't bother speaking with a broker - and I am probably sure that most other people don't.

Bit of automated tax collection on each transaction too.....I could support that IF it replaced a lot of other taxes.

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Bit of automated tax collection on each transaction too.....I could support that IF it replaced a lot of other taxes.

For people doing business exclusively online totally automated tax ought to be a reality by now. I suspect, one of the major issues preventing it might be the lumping together highlighting just how much is taken.

You also ought to be able to use an online portal, to pay any employee, where you just shove their NI number in and how much you want pay them and the payment and everything else is done automatically. Would cull vast swathes in payroll depts and HMRC who spend all day faffing around with tax codes.

Surprised, it's so many back office rolls when the customer facing seems to be the archetypal 'computer says no'.

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Also tech. Same repeating theme on HPC. With apps, and web forms, everything can be done online or from a smart phone. We won't need cash, because it will be on a phone payment. In shops we'll just wave our phones at the exit, and it will be paid for (using the scanner on our phone to scan bar codes). So we won't be going into banks to get money changed or currency for going abroad. Automatic direct debit renewal means I don't bother speaking with a broker - and I am probably sure that most other people don't.

I find contactless pretty hit and miss. Only place my card seems to reliably work is McDonalds and the £20 limit is too small for petrol or groceries. Be interesting to see what Apple pay's like.

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I find contactless pretty hit and miss. Only place my card seems to reliably work is McDonalds and the £20 limit is too small for petrol or groceries. Be interesting to see what Apple pay's like.

You go to McDonalds enough to know that contactless payments there are reliable?

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If they made themselves the first high street bank to actually pay some interest on peoples' savings, they could corner the market overnight!

This.

It's like they (ie. all banks) , don't want the cash.....?

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It's good news for some bank staff as they can fill all those jobs overseas that they've been threatening to go to.

Mind it's not clear from the article how many of the jobs are going to be from the UK.

Edited by billybong

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The scale of the cuts is starting to make sense now. The crims are looking for quick cash to pay off investigators from the Serious Fraud Office!

Get out jail (almost) free.

http://www.telegraph.co.uk/finance/newsbysector/epic/barc/11753278/Barclays-in-discussions-to-end-2008-fraud-probe.html

Barclays is understood to be considering whether or not to accept a deferred prosecution agreement with the Serious Fraud Office, which would draw something of a line under the lengthy investigation into the bank's £2bn Qatari fundraising in 2008.

The fraud squad declined to comment on the existence or otherwise of a deferred prosecution agreement (DPA), first reported by Sky News.

But sources with knowledge of the situation indicate such an agreement would typically come with tough terms and conditions as well as a fine, and as such the bank has yet to decide if it should agree. The two parties are in regular contact, and so their talks may result in the SFO choosing not to issue a formal DPA.

Britain's regulators have only recently gained the power to offer DPAs. Typically they do not require the bank to accept responsibility, instead settling the case with a payment and imposing monitors at the institution subject to the agreement.

jail1.jpg

Edited by zugzwang

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This.

It's like they (ie. all banks) , don't want the cash.....?

.....no they don't want your expensive savings, only cheap savings when they have access to cheap money .....they want your low risk quality lucrative debt and insurances.

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Barclays is understood to be considering whether or not to accept a deferred prosecution agreement with the Serious Fraud Office

Will these be made available to lower level fraudsters? I would like to think that the SFO is an equal opportunity walk over.

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