Barclays to axe 7,000 jobs in 'bold' overhaul

More than 2,000 of these jobs are in the UK, with 19,000 staff to be cut globally in the next two years.

As anticipated, the bank will separate off its European retail banking business into a 'bad bank', made up of £115 billion of 'non-core' assets. The non-core unit comprises businesses which do not fit the bank's strategic objectives or profitability criteria and Barclays has said it will 'look to exit or run down these assets over time'.

Chief Executive Antony Jenkins said:

“This is a bold simplification of Barclays. We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage.

"In the future, Barclays will be leaner, stronger, much better balanced and well positioned to deliver lower volatility, higher returns, and growth.

"My goal is unchanged: to create a Barclays that does business in the right way, with the right values, and delivers the returns that our shareholders deserve. However, the way in which we will achieve this is different.

"Today we are setting out how we will reach that goal and create the 'Go-To' bank for our customers and clients, our colleagues and our shareholders.”