Barclays to cut jobs in investment banking - reports

1st May 2024 14:50

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks to tackle underperformers and reinvest in new talent.

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.