Bloomberg News

Barclays CEO Said to See 28% Staff Drop in Decade on Automation

March 07, 2013

Barclays Plc (BARC) Chief Executive Officer Antony Jenkins told some of the lender’s shareholders that the company may shed almost a third of its workforce over the next decade as automation and online banking cut the need for staff, two people familiar with the conversations said.

Jenkins, 51, discussing the long-term future of the bank in meetings with shareholders, said the London-based lender could foresee reducing staff levels by 28 percent to about 100,000 over a period of about 10 years, according to the people, who declined to be identified as the discussions were private.

Barclays today named Shaygan Kheradpir as its chief operations and technology officer, responsible for helping the lender automate more systems to cut costs. Britain’s second- largest lender by assets said in February that it would cut 3,700 jobs to reduce annual costs by 1.7 billion pounds ($2.55 billion).

Sky News reported Jenkins’s remarks earlier today. A Barclays spokesman declined to comment.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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