British banking giant Barclays is planning to cut about a quarter of its global workforce in the next two years to reduce costs, according to a report.
Citing senior sources at the bank, the Times reported that as many as 30,000 staff could be laid off as part of a corporate reorganisation drive by the end of 2017.
The drastic redundancy programme is viewed as the only way to address the bank's chronic underperformance issue and hit an ambitious target of doubling its share price, the paper said.
The report comes days after Barclays sacked chief executive Antony Jenkins citing a need for change in leadership.
The job cuts are likely to affect staff at middle and back office operations, where the biggest savings are achieved, the Times said.
Barclays, Britain's second-biggest lender by assets, has been hit hard by the slowdown in the global economy and has progressively scaled back its retail and investment banking activities in recent years.
In April, the bank reported that its net after-tax profit sank 52% year-on-year to £465m (€669m, $725m) in the first quarter, after it took an £800m provision to cover any fallout from its alleged role in the 2012 Libor interbank rate rigging scandal.
Last month, Barclays announced it would sell its US wealth and investment management business to Stifel for an undisclosed fee.
The proposed cuts could leave the bank, which employs around 130,000 people, with a workforce of fewer than 100,000.