It has been reported that Barclays is considering a clampdown on international travel to essential external meetings in an effort to control expenses. The banking giant has also announced plans to cut hundreds of jobs in its investment banking division as part of a restructuring, according to the BBC news service.
The Chief executive of Barclays, Antony Jenkins is also expected to unveil new five-year financial targets and is looking to improve profitability in the face of falling trading revenues and tougher regulations. Mr Jenkins, who took over from Bob Diamond following the Libor rate scandal, plans to cut £1.7bn ($2.8bn) from annual expenses by next year. As a part of the banks drive to justify costs, Mr Jenkins has authorised a ban on all employee travel for internal meetings and demanded that executives restrict themselves to international travel only for “essential” discussions with clients and regulators.
Barclays, which will the first of the UK-listed banks to report its results for 2013 in February 11, is under pressure to improve its return on capital. It has been reported that Mr Jenkins had set up a special committee to oversee costs at the bank. Under review is also the future of certain sponsorships by Barclays.