The Times: Barclays To Cut More Than 30,000 Jobs

(RTTNews) - Barclays plc (BCS, BARC.L) plans to cut more than 30,000 jobs within two years as the British lender considers accelerating a cost cutting program after firing chief executive Antony Jenkins in early July, the TImes reported on Sunday.

The redundancy program could reduce Barclays' workforce to below 100,000 by the end of 2017 and is seen as the only way to address the bank's underperformance and double its share price, according to the Times.

As Jenkins' successor, a potential candidate is reportedly expected to cut jobs at a much faster rate and more deeply than Jenkins. The job cuts are likely to impact staff at middle and back office operations in order to achieve largest savings.

In early July, Barclays said that CEO Jenkins will depart from the company, after serving at the helm since August 2012. Jenkins was promoted to chief executive of Barclays in the wake of the Libor scandal.

Barclays appointed John McFarlane as executive chairman pending the appointment of a new chief executive.

In late April, Barclays reported a sharp decline in the first-quarter profit, as the lender made hefty provisions, mainly related to foreign exchange.

BCS closed Friday's trading at $17.52, up $0.06 or 0.34 percent on a volume of 1.41 million shares.