Barclays plans hundreds of job cuts within its investment bank
Barclays is preparing a fresh wave of job cuts that will affect hundreds of employees within its investment bank, according to reports.
The UK lender, which unveiled a strategy revamp in February in a bid to boost returns and cut costs, will strip out hundreds of roles across investment banking, research and markets, Bloomberg reported.
The cuts will take place as part of its annual review of under-performing staff.
“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients. However, there are no finalised numbers for this year’s review,” a Barclays spokesperson said.
The move comes after Barclays unveiled a strategy review in February, which aimed to reduce its reliance on its investment bank, but stopped short of pulling back from its biggest unit.
It plans to strip out £2bn in costs over the next two years as part of the plan.
Barclays separated its investment bank from its corporate banking unit and reshuffled its executives in the division. Paul Compton, global head of the corporate and investment bank, has been moved to chair of investment banking, reporting directly to chief executive CS Venkatakrishnan.
Meanwhile, markets head Stephen Dainton was named head of investment bank management and Adeel Khan is now sole head of its markets unit. Former Credit Suisse dealmaker Cathal Deasy and Taylor Wright remain in charge of its dealmaking unit.
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