Barclays To Cut Hundreds Of Investment Banking Jobs
Barclays Plc plans to reduce its workforce within the investment bank division by several hundred jobs as part of its cost-cutting and profit-boosting efforts, sources familiar with the matter informed Bloomberg.
The job cuts will primarily impact employees in global markets, research, and the investment banking arm. These layoffs are anticipated to occur in the coming months and are part of the firm's annual performance-based trimming of staff, according to the report.
Barclays stated in an email, "We regularly evaluate our talent pool to ensure strategic execution and client satisfaction. However, specific figures for this year's review are not yet finalized,” as per the report.
The company aims to enhance the profitability of its investment bank division, which has faced scrutiny from investors regarding the sustainability of its Wall Street operations due to the division's higher capital consumption compared to other segments within the firm.
