Dec 13 Barclays Plc plans to cut as
many as 2,000 jobs in its investment bank as part of a broad
restructuring of the company, the Wall Street Journal reported,
citing people familiar with the British bank's plans.
The paper said senior Barclays executives are planning to
recommend that the bank cut between 1,000 and 2,000 jobs, likely
to be concentrated in Asia and continental Europe.
The job cuts are expected to be announced early next year,
the paper said, adding that Barclays executives are aiming to
protect the bank's strong U.S. and U.K. franchises. ()
Goldman Sachs analysts have suggested that Barclays could
cut 15 percent of investment bank staff, or 3,500 of its 23,300
employees, as part of a broader strategic review by Chief
Executive Antony Jenkins, who took over in August.
Barclays declined to comment on the details of the plan.
While reforms at Barclays are not expected to be as radical
as those of rivals UBS and Royal Bank of Scotland
, who are pulling back sharply, the actions of
competitors may sway plans. UBS's pullback, for example, could
open gaps that Barclays may want to exploit.
The cutback plans remain in flux, and some senior executives
are pushing for a more aggressive purge, the business daily
said, citing one person with knowledge of the discussions.
The potential investment-banking cuts are likely to be part
of a larger number of job reductions across the entire company,
the Wall Street Journal said, as Barclays executives consider
areas such as information technology ripe for layoffs.
For a FACTBOX on banking job cuts: