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Barclays could cut 40,000 jobs in coming years

210px-Barclays_logo.svgBarclays CEO Antony Jenkins said on Thursday that the bank could cut as many as 40,000 jobs in coming years as the company seeks to reduce costs and increase automated services.

While the job cuts have not been noted as a formal target, Jenkins passed the idea of large-scale job reductions to investors during meetings that took place after the bank posted its results last month, The Guardian reports.

In his first presentation since assuming the position of CEO in September, Jenkins detailed the bank’s plans to cut 3,700 jobs as it refocused its operations and efforts in Britain, the U.S. and Asia. Approximately 1,600 positions had been cut from the bank before Jenkins announced the news last month.

Jenkins, the former head of Barclaycard and the retail bank, assumed his position after the resignation of former CEO Bob Diamond following $433 million in Libor-related penalties. He has vowed to associate bonuses with professional values of integrity, respect, service, excellence and stewardship, according to The Guardian.

Additionally, the bank commissioned Anthony Salz, the former head of law firm Freshfields, to conduct a review of the company. He is due to complete his review shortly and has sought assurance that the review will be published.

The bank is expected to provide more detail regarding the way its staff are paid in coming days, after the bank publishes its annual report. Sir David Walker, Barclays’ new chairman, will provide more information about its high earners by publishing pay in bands, which could reveal that as many as 600 staff took home more than $1.5 million last year, The Guardian reports.

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