Leaked document says Barclays is 'under-resourced' as it considers axing 30,000 jobs
Barclays executives warned internally in March that a project to get a new license to operate in the UK may lack resources as the company prepares to be split up under new "ringfencing" requirements, according to a document leaked to Business Insider.
All UK banks have to ringfence their banks - separate their risk-taking investment banks and their consumer deposit-taking functions, by 2019. The rules are a response to the 2008 financial meltdown and are aimed at protecting core banking services from systemic failure in a crisis.
If retail banking operations are conducted separately from investment banking activities, the idea is that savings, current accounts, mortgages, and day-to-day banking will not be affected by the activities of those who deal with complex, high-risk and high-return products.
Here's one of the ways Barclays was considering restructuring itself to meet the new regulations, according to the document: