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Possibly Unfounded Rumor Of The Morning: Cuts Coming At BarCap?

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Allegedly the Brits are planning something really fun for August.

Barclays is poised to eliminate approx 7% of the firm's global headcount in a bid to dramatically cut costs following a difficult 2nd quarter.

Verified by several highly-placed employees. Redundancies are expected in August. The cuts will impact Barclays Capital, across all regions, but perhaps with greater emphasis in US and UK. It is not known if there are also plans for redundancies in other divisions of Barclays.