Barclays to axe 12k jobs in 2014

In an aim to cut costs and mitigate against falling income at its investment bank, 7,000 jobs are expected to go in the UK with half of those affected already been notified. These cuts would affect 820 senior manager roles with 400 of those affecting directors of the investment bank arm.

The bonus pool rose by 10% to £2.38bn in 2013, with the investment banking pool increasing by 13%. Chief Executive Anthony Jenkins defended these rises saying ‘we believe in paying for performance and paying competitively). Jenkins has though waived his own annual bonus.