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Earlier this month, it was reported that Barclays’ investment bank chief Rich Ricci was working on a little something called Project Mango,* which is similar to Bank of America’s Project New BAC in that one aspect of it involves firing a bunch of people, as part of a plan to revamp the unit. According to the Journal, management is now putting the finishing touches on Project M and all that is left to decide is whether cutting 2,000 IBD jobs is enough or if they should think bigger.
Senior Barclays executives are planning to recommend that the investment bank cut between 1,000 and 2,000 jobs. They are likely to be concentrated in Asia and continental Europe, with Barclays executives aiming to protect the bank’s strong U.S. and U.K. franchises from much bloodletting. The cutback plans remain in flux, and some senior executives are pushing for a more-aggressive purge, according to one person with knowledge of the discussions. The anticipated investment-banking cuts are likely to be part of a larger number of job reductions across the entire company, as executives consider areas like information technology as ripe for layoffs.
Barclays Is Set To Join Cost-Cutting Crowd [WSJ]
*“…nicknamed after an Indian client sent Mr. Ricci a box of mangos to commiserate following Mr. Diamond’s sudden departure.”