World Economy

Barclays Cuts 6,000 Jobs

Barclays Cuts 6,000 JobsBarclays Cuts 6,000 Jobs

Jes Staley said he’s eliminated more than 6,000 positions in his first 100 days in charge of Barclays Plc, after the new chief executive officer shrank the investment bank and exited countries from Brazil to the Philippines, Bloomberg reported. Staley has moved to simplify Barclays after inheriting a bank that’s seen about £20 billion ($28 billion) of profit in the past five years wiped out by misconduct charges. The efforts haven’t boosted the stock. The shares have fallen 30% since Dec. 1 and trade at about 50% less than its book value, driven in part by Staley’s decision to slash the dividend in half for the next two years.