Barclays To Slash 19,000 Jobs By 2016, Create ‘Bad Bank’

Barclays PLC (NYSE:BCS) (LON:BARC) signaled a return to its retail roots by slashing much of its investment bank and parking 400 billion pounds of assets in a new ‘bad bank’. Its carve-up plan will provide enhanced prominence to Barclays’ retail operations in the UK, its Barclaycard credit card arm and its African business. Jenkins forced to take knife to the investment bank Last month it was reported that the British bank would announce the intended creation of a bank housing the sub-par returning assets from the investment bank and exit retail assets in non-UK RBB. Deutsche Bank analysts pointed out…