Barclays to cut more investment banking jobs

05 Dec, 2015 2:19 pm

NEW YORK – Barclays Plc (BARC.L) plans to cut more jobs in its investment banking unit, a source familiar with the matter said, as the British bank steps up efforts to slash costs and boost profit.

Most of these job cuts will be in Asia, the source said on Friday.

Bloomberg reported earlier in the day that Barclays would cut 20 percent more investment banking jobs, citing people with knowledge on the matter.

Last month, the bank had put a freeze on hiring until the start of next year.

Barclays is midway through a three-year cost-reduction plan, which involves shedding 19,000 jobs, or about 14 percent of its global workforce.

The latest round of layoffs will be in addition to the 7,000 jobs that the bank plans to cut by 2016.

Germany’s Deutsche Bank (DBKGn.DE) announced in October that it would cut 15,000 jobs, exit 10 countries and reduce costs to lower than 22 billion euros (£15.8 billion) by 2018 after splitting its investment bank.

The same month, Switzerland’s Credit Suisse (CSGN.VX) announced a big restructuring plan under new CEO Tidjane Thiam. –Reuters

Must Watch