Belfast Telegraph

Saturday 20 September 2014

Barclays cull a chilling reminder of recession

On the subject of jobs, the news of 3,700 posts going at Barclays is a chilling reminder that the difficult days of recession are far from over.

The cull has been described as way to placate shareholders but will do little to settle nerves as the bank result reporting season gets under way.

It will also grate to learn that over £1.8bn is being paid in bonuses this year, even though the bank was embroiled in the Libor rate rigging scandal, not to mention that its profit dropped from nearly £6bn to £250m.

Still, chief executive Antony Jenkins said he is waiving his bonus this year so hopefully that will leave more for those who are being made redundant.

We now wait with bated breath to see how the results from the rest of the banks look.

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