Barclays Plc has this week cut several hundred jobs in its investment bank as part of its plan to shrink the business by 7,000 staff over the next three years to save costs, people familiar with the matter said.
The cuts will mostly be in the fixed income, currencies and commodities FICC trading and markets businesses, rather than in advisory and equities. FICC is the area that Barclays and several other banks such as UBS AG are scaling back due to falling revenues and tougher regulations.
The precise number of job losses was not known, but there will be cuts in Asia, Europe and the United States, the sources said. The latest cuts add to more than 400 already made by the British bank in its investment bank this year.
Barclays Chief Executive Antony Jenkins last month reined in the banks ambitions to be a Wall Street powerhouse and said he would cut about one in four jobs in the division, as part of a plan to cut 19,000 jobs across the bank.
Chosen excerpts by Job Market Monitor. Read the whole story at Barclays cuts several hundred investment bank jobs: sources | Reuters.
- Barclays / 12,000 confirmed job cuts this year
- Barclays – Could cut 7,500 jobs
- Barclays / To Cut 2,000 Jobs
- Barclays / Could cut up to 2,000 jobs
- Barclays / To cut 3,700 jobs
- UK / Barclays To Offshore 4,000 Jobs
- Barclays – To cut 19,000 jobs over three years
- Barclays to cut 600 jobs in India
- Baclays / 400 jobs cut in corporate banking