By Mike Obel - Barclays PLC (LON:BARC), the world's seventh-largest bank by assets, will lay off thousands as it overhauls the iconic but troubled financial institution, the Financial Times said Thursday.
The London-based bank has drawn investor ire with its rising costs, partly through bigger executive bonuses, and falling profits; shares have fallen 20 percent since mid-January.
Details of the overhaul, which include reallocating capital away from its investment bank to more profitable areas like Barclaycard and U.K. mortgage lending, will be revealed before summer, the newspaper reported, citing anonymous sources.
The overhaul will also result in thousands of current employees losing their jobs.
Barclays, which has assets of about $2.41 trillion, is the world's seventh-largest bank and employs some 140,000 people in about 50 countries.