According to reports from the Financial Times, the British bank Barclays aims to reduce its structural costs by 10%, ie by two billion pounds (2,36 billion euros), and to cut two thousand jobs. The newspaper, recalling that the institute must present its strategic plan and the 2012 accounts tomorrow, underlines that the cost cutting will mainly concern the investment banking division in Asia, but will also affect the retail banking divisions in various European countries, including Italy.
Furthermore, Barclays could abandon its activities in food raw materials. Last week the institute announced that the cost of covering its legal disputes related to the abusive sale of financial products amounted to one billion pounds. For Barclays it is also a question of relaunching its reputation after the Libor manipulation scandal which involves it together with other lenders.
