Barclays to cut 40,000 jobs?

Barclays could be set to cut 40,000 jobs over the coming years, it has been suggested.

Although this number has not been set as a formal target, briefings from chief executive of the bank Antony Jenkins have indicated the lender is considering a large-scale reduction in the size of its workforce, Sky News reports.

The idea of introducing these redundancies has been suggested by Mr Jenkins during meetings with investors, with the financier looking at the different ways in which it can drive down costs and reduce automated services.

Mr Jenkins is believed to have indicated that Barclays - which currently employs 140,000 people - might be able to push ahead with as few as 100,000 staff members in the future.

An individual close to the chief executive said: "He was talking about how the bank needs to be more efficient in general terms ... It's about how we do the same or more with a smaller headcount."

By Gary Cooper