According to the Times report, Barclays is planning to cut more than 30,000 jobs within two years after firing Chief Executive Antony Jenkins this month.

The newspaper said, “This redundancy program, which could reduce the bank’s global workforce below 1,00,000 by 2017 end, is considered as the only way to address the bank’s chronic underperformance and double its share price.”

These job cuts are likely to affect staff at middle and back office operations, where largest savings are achieved”, it said.

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