Barclays 'to cut 30,000 jobs' by 2017

One in four jobs at Barclays will be cut by 2017, according to a report.

The Times, citing senior sources at the bank, said that as many as 30,000 staff could be laid off by 2017 as part of a corporate reorganisation drive. The bank currently employs around 130,000 people.

The report continues to say that such drastic redundancy measures are seen as the only way to address underperformance. The bank is also attempting to achieve the ambitious target of doubling its share price.

The Times says that those most likely to be affected are staff at the middle and back office operations, where the biggest savings are achieved. Savings are hoped to be achieved by focusing on automating manual processes within its retail bank.