Barclays to cut down 3,000 jobs in 2011

Written by: Biswajeet Panda
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London, Aug 2: It clearly seems to be the season of lay-offs as one bank after another is announcing its plans to cut jobs as a cost-reduction effort. First it was HSBC and now there is Barclay's which has said that it will cut about 3,000 jobs in 2011.

The British bank's announcement comes as it profit dipped in the first half of 2011.

Chief Executive Bob Diamond was quoted by Reuters as saying, "We haven't set specific headcount numbers, but I would expect the trend in the first half to continue and I think it would be likely to increase."

Speaking with reporters on a conference call, Diamond informed that Barclays ad cut 1,400 jobs during the first half and the tally was likely to rise to about 3,000 by the end of the year.

He said, "A key part of getting our returns to where we want them to be is the cost programme we have put in place and that is going well."

According to reports the proposed cut would be about 2 percent of Barclay's total workforce. Reports also say that 50 percent of the cuts so far in the first half have been at BarCap.

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