Topic: [2016-01-23]Barclays Cuts 1,200 Jobs as ‘Dead’ Bitcoin Thrives (Read 220 times)

Major financial players are feeling the effect of the ongoing financial crisis and are forced to cut down staff numbers all over the world. Barclays, one of the biggest banks in the world, has announced they will be cutting at last 1,200 jobs. Especially their Asian branch, which will be hit the hardest by this decision, as 230 employees will be let go in the next few months. While this debacle is going on, the Bitcoin and blockchain industry is bringing more jobs to people worldwide.


Whenever there is little to no economic growth to speak of for an extended period, it will only be a matter of time until established financial players will need to cut their losses. As is the case with any business in the world, the first cuts will be made in their workforce, as Barclays announced roughly 1,200 people will lose their jobs this year.

This fresh rounds of cuts — a large portion of which will happen in Asia — is a result of the global struggle faced by traditional finance. Things are so dire that Barclays will have to halt operations in Taiwan, Malaysia, Australia and South Korea this year. However, the bank is not planning to move its prime brokerage and derivatives business elsewhere, as that branch will remain active in Asia for the time being.
But even the Western World is not spared, as Barclays employees fear for their jobs in London and New York. Furthermore, the plan is to shut down the Russian office completely, adding to the list of jobs to cut in 2016. However, none of these actions should come as a surprise, considering how Barclays has been involved in various scandals. In a way, one could say this bank has dug its own grave, and now has to rest in it.


read more https://news.bitcoin.com/barclays-cuts-1200-jobs-dead-bitcoin-thrives/