British banking giant Barclays is planning to axe over 30,000 employees within two years after sacking CEO Antony Jenkins recently, The Times has reported.

The move is likely to impact the bank’s employees at middle and back office operations and slash the bank’s global workforce below 100,000 by 2017 end.

This redundancy programme is considered as the only way to address the bank’s chronic underperformance and double its share price, unidentified senior sources told the publication.

A potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ousted boss, the publication said.

In mid-July 2015, the bank’s deputy chairman Michael Rake joined payments processing firm Worldpay as its new chairman.