Back in February, Barclays announced that it would be making some changes around the office; specifically, that it would be asking approximately nine percent of the company to pack up their things to leave, for good. According to the FT, a couple more people may want to prepare themselves for an uncomfortable chat in the conference room with HR.
Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads. The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10 per cent to a total of £2.4bn last year in spite of a one-third fall in its pre-tax profits…Shareholders are also unhappy about rising costs and falling profits at the investment bank, which is jointly run by Tom King in the US and Eric Bommensath in Europe. The new strategy for the investment bank is expected to be unveiled before the summer. Two people familiar with the situation said the bank was also considering replacing Mr King and Mr Bommensath, though this may not happen until after the new strategy is presented.