Barclays to cut jobs in investment banking - reports
[pcruciatti - stock.adobe.com]
According to Reuters, the bank - which is already engaged in a group-wide cost-cutting programme to reduce costs by around £2bn - began informing employees of the intended cuts on Wednesday.
It was understood that staff impacted are based in the bank's global markets, investment banking and research division.
"As previously reported, we regularly review our talent pool to ensure that we can invest in talent and deliver for clients," a spokesperson for the bank told Reuters in a statement.
"This is difficult, but necessary, to ensure we position ourselves for long-term success as we execute against our strategy."
The planned cuts were initially reported by Bloomberg.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.