British bank Barclays has announced it will be cutting 3,700 jobs across the Group, following a strategic review, Other outcomes of the review include the reduction of the Group’s total cost base by £1.7bn to £16.8bn in 2015, including interim cost estimates of £18.5bn and £17.5bn in 2013 and 2014 respectively.
The review states: “Our plan is built on a rigorous review of 75 distinct business units to determine not only their ability to generate an appropriate and sustainable return on equity, but also their strategic attractiveness, including their impact on Barclays reputation. We expect to make good progress towards our financial commitments by 2014 and deliver them fully during 2015.”
The bank has also pledged to make two non-financial commitments: embedding their purpose and values across Barclays and publishing an annual scorecard assessing their performance and providing greater disclosure and transparency around their financial performance.
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