Layoffs Watch ’14: Barclays

It’s possible the Brits will be getting rid of a quarter of their investment banking employees and if you ask Sanford Bernstein, those at the top should go first.

Barclays Plc (BARC), the U.K.’s second-largest bank by assets, could eliminate 7,500 jobs at its investment bank to improve returns at its securities unit, according to a report by Sanford C. Bernstein. The European fixed-income, currencies and commodities business, or FICC, may be the hardest hit, with about 5,000 job losses, analysts led by Chirantan Barua said in a note yesterday. Cuts of 6,500 to 7,500 equate to between 25 percent and 30 percent of the unit’s employees, the report estimated. London-based Barclays should eliminate managing directors first, followed by more junior positions, Barua said.

Barclays May Cut 7,500 at Investment Bank, Bernstein Says [Bloomberg]

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4 Responses to “Layoffs Watch ’14: Barclays”

  1. The Board says:

    Mr. Jenkins, here's a good piece of research to read, I think you'll find some time to do so in the very near future

  2. Beerio says:

    Man, Barclays guys have to be loving Sanford Bernstein right now – unsolicited research saying you should lose your job. Thanks guys!

  3. Captain Oblivious says:

    However according the WSJ they are going to start paying useless equity traders "more competitively".

    Wall St is dead lets face it. Shaz cuts and pastes the wrong dates and DB publishes one article a day. Goodnight Sally

  4. BarCapital One says:

    wasn't Barclays touting recently that it wanted to create those 20 -30 year type employees …ya know, those MD types in it for the long haul over HF/PE? bloody hell, what's next, merger with Capital One?