LONDON (Reuters) - Britain’s Barclays (BARC.L) is axing up to 100 jobs at its investment bank, a source familiar with the matter said on Wednesday, following another set of disappointing results from the division in the third quarter.
The cuts will be split evenly between Europe and the United States and be weighted more towards roles at the director and managing director level, the source added, although Reuters’ sister publication IFR reported last week that Europe would bear the brunt of the reductions.
Chief Executive Jes Staley has championed the investment bank, even amid calls from some analysts and investors to ditch a business that has in recent years struggled to match the profitability of Barclays’ retail and credit card units.
He said at the bank’s third-quarter results in October that Barclays would push ahead with reinvesting in the business, which he wants to be able to compete with Wall Street heavyweights, and add more products and derivatives without returning to the aggressive practices of the past.
In 2016, around 1,000 jobs were cut from Barclays’ investment banking business worldwide, as it strove to reduce costs and boost revenues. Barclays cut a total of 10,000 staff that year alone.
The story was first reported by Bloomberg.
Reporting by Emma Rumney; Editing by Silvia Aloisi and Mark Potter