28th Jan 2014 13:11
LONDON (Alliance News) - Barclays PLC has put employee travel restrictions in place across the world, as part of a cost-cutting drive which may includes hundreds of job cuts in the near future, Sky News reported Tuesday.
The financial services provider has authorised a ban on all employee travel for internal meetings, while executives are also restricted to "essential" international travel only, according to Sky News.
Around 1,700 jobs were cut in the bank's investment banking unit last year, with several hundred more expected to be shed in the next few weeks, Sky News said, without citing its sources.
Sky News said the edict is understood to have been signed by Chief Financial Officer Tushar Mozaria earlier this month, and comes just as Chief Executive Officer Anthony Jenkins prepares a new wave of job cuts, likely to impact highly-paid directors and managing directors at its investment banking division, it said.
Sky News said Barclays declined to comment.
Sky News also reported that rival Lloyds Banking Group is cutting 1,080 jobs and outsourcing another 310 roles, part of cuts it announced in its 2011 strategic review.
Barclays shares were trading 1.7% higher at 273.95 pence per share Tuesday afternoon. Lloyds shares were up 3.3% at 83.05 pence.
http://news.sky.com/story/1202367/barclays-imposes-travel-ban-as-jobs-axe-looms
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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