The media outlet quoted senior sources as saying that this cost-cutting program could reduce the bank's global workforce to less than 100,000 by the end of 2017. The program's goal is to solve the under-performance problems of the centuries-old London-based banking giant and double its share price, the sources said.
The layoffs are most likely to ride roughshod over staff; hardest hit will be the company’s middle and back office operations, where the biggest savings have been achieved in the past.
According to the Times, the person who fills the shoes of the ousted chief executive may show more resolve when it comes to job cuts, and he is expected to cut jobs much faster and more deeply than Jenkins.
The bank also said that Jenkins will be succeeded on an interim basis by Barclays board chairman John McFarlane until a new chief executive is appointed.
Jenkins, who had been Barclays’ CEO since August 2012, said, for his part, that he took the helm "at a particularly difficult time" for the bank, which was in a more secure position by the time of his resignation.