Barclays is reportedly set to cut hundreds of jobs across its investment bank.
According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays’ annual review process and are expected to take place in the coming months.
A Barclays spokesperson told the news wire: “We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients.”
Barclays previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort.
Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry.
Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking.
British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in “the next couple of years”.
He told the outlet: “I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.”
Source: FS tech
