Barclays to Ax 19,000 Jobs Over 3 Years, Refocus on Retail Bank

Barclays plans to cut 19,000 jobs of its 140,000 global workforce over the next three years to refocus operations as a retail bank. Suffering the bulk of job losses, its investment arm will see 7,000 positions axed by 2016. By that year, its investment division will account for around 30% of Barclay's risk-weighted assets, down from around half currently. Barclays is currently overhauling operations with the goal of improving earnings and repairing its reputation after the Libor scandal.