Wednesday, 6 March 2013

Barclays Spain cuts 30% of staff and concentrates on banking for the wealthy

MADRID The Spanish branch of Barclays is retrenching, as part of an overhaul of its entire worldwide operations. It will be focusing on investment and private banking because, in common with most of its competitors, retail banking is not profitable enough. Jaime Echegoyen, Chief Executive since March 2011, has decided he doesn’t need so many branches or employees. The bank announced last month that it was starting negotiations with the unions aimed at eliminating 1,100 employees – 30% of the total – and closing 160 branches – 37%. There would be some 2,500 jobs remaining, and 271 offices. If negotiations work out in the banks favour, some 1,800 jobs and 320 branches would have been eliminated since 2011.

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