Barclays Closes Its Spanish Business

13/05/2014 – Cinco Días

Antony Jenkins, the bank´s CEO, presented new strategic plan in London that does not consider the future of the Spanish spin-off anymore. Barclays created a new division for €140 billion (volume three times bigger than assets held by Sareb) which will embrace all non-core, non-profitable and non-investment banking businesses in Spain, Italy, Portugal and France.

The decision has been taken as a result of prolonged uncertainty provoked firstly by leave of its CEO Jaime Echegoyen, followed by the head of investment Pedro Fernández de Santaella.

Barclays has been present in Spain for last 40 years. However, last year its Spanish division brought it €253 million losses after provisions of €291 million. This affiliate manages €22.6 billion in assets, serves 600.000 clients and 250.000 credit card holders.

Currently, the bank has got 271 offices in Spain giving job to 2.800 people. In 2013, Barclays cut in its staff by 890 workers and shut down 160 branches. Globally, the bank foresses dismissal of 19.000 employees by 2016.

 

Original article: Cinco Días (by Nuria Salobral)

Translation: AURA REE

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