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Barclays to axe 7,000 UK jobs this year

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Embattled bank Barclays will cut 19,000 jobs worldwide by 2016, with 14,000 going by the end of 2014.

Over half (10,000) of those will be lost in the UK, with 7,000 British workers set to be redundant by the new year. The news comes a fortnight after the bank increased the bonus pot for top earners by 10% at its annual general meeting (AGM).

The jobs will be lost in the investment arm of the bank, and are part of a wider strategy to drive down the £115 billion of risk-weighted assets. Revenue from the investment bank was down by around 28%, to £2,490 million, in the first quarter of 2014.

The bank's share prices rose 3.5% this morning, following the announcement. It will now re-focus its efforts on becoming the 'go to' establishment for retail banking in the UK, while also concentrating on its credit card and international retail operations.

Barclays chief executive Antony Jenkins announced in February that around 12,000 jobs would go this year, 2,000 fewer than the eventual figure. He defended the higher bonuses announced at the AGM in April, saying he feared the bank would go into a "death spiral" if it did not retain top employees.

Jenkins called the re-shaping of the bank "bold". "We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage," he added.