Barclays will cut 19 jobs over the next three years and form a "bad bank" to house most of Europe's investment banking and retail operations as it tries to recover from the contraction in trading activity.
As part of the latest strategic review, the British institute will cut 7 jobs in investment banking and move assets of the division worth around 90 billion euros to a risk-weighted bad bank.
All European retail businesses in Italy, France, Spain and Portugal, as well as certain corporate and Barclaycard assets, will also be bundled into the bad bank, which will have RWAs of £115bn.
CEO Antony Jenkins, in office since August 2012, has his sights set on the group's investment bank – once the bank's profit engine – after a drop in revenues, a series of top executive exits and a dispute with shareholders over bonuses.
Jenkins had outlined a plan to revitalize the bank last year, but weakness in investment banking trading forced him to speed up changes.
