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Provider: Wright Reports
Provider: Pechala's Reports
Provider: Pechala's Reports
Provider: Pechala's Reports

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Barclays PLC Investment Bank Cutting Jobs-Reuters

Wednesday, 6 Feb 2013 07:02pm EST 

Reuters reported that Barclays PLC is nearing the completion of a raft of job cuts at its investment bank as part of its new Chief Executive's plan to streamline operations and cut costs, a person familiar with the matter said on February 06, 2012. The scale of cuts is unclear, but analysts expect Chief Executive Antony Jenkins to announce about 2,000 investment bank jobs have gone when he unveils a strategic plan on February 12. Sources said there have been cuts in front- and back-office functions, and they have included fixed income, commodities, currencies, equities and advisory business areas. Barclays plans to cut 275 jobs in three locations in New York, including its office in the former Lehman Brothers headquarters, the British bank said in a filing with the New York State Labor Department. Wednesday's filing also showed the layoff date would be May 15. Analysts say 5 to 10% of staff could go, although some suggest a bigger cull of 15%, or more than 3,000 jobs, could be seen. 

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