Britain's Barclays will cut 19,000 jobs around the world in the next three years and a total of 7,000 jobs will go in its investment division. Barclays could also close up to 400 branches over the next few years,

Ever since the financial crisis, Barclay hit by a slowdown in the demand for government and company debt. Barclay's CEO Antony Jenkins who took charge in 2012 was looking forward to take some bold steps and finally made one.

Jenkins added, “We will be a focused international bank, operating only in areas where we have capability, scale and competitive advantage n 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.”

Barclay is likely to axe 10000 employees by this year and the remaining will be pushed by 2016. As this statement was announced Shares rose by 3.5 per cent in early trading this morning.

(AW: Vamshi)