Updated:

Jul 2, 2019

Original:

Jan 28, 2014

Layoffs Watch '14: Barclays

Author:

If you're a junior mistmaker at the bank, consider passing it on to your MD that he/she might want to gird his/her loins.

Barclays and Lloyds Banking Group are planning job cuts, the latest drive by British banks to slash costs amid stagnating revenues. Lloyds said Tuesday it would cut around 1,000 jobs as the part state-owned bank pushes on with a three-year cost-cutting plan. Meanwhile, Barclays is set to cut several hundred investment banking jobs, according to a person familiar with the matter. Most of the cuts are expected to be at managing director level, the person said...For Barclays, the cuts are the latest effort by Chief Executive Antony Jenkins to boost margins at the lender's investment bank. Last year Barclays said it would cut 1,800 investment banking jobs. It is unclear in which countries the new cuts will fall.

Cuts are said to have gone down with more a-comin'. Barclays PLC is cutting about 50 employees from its equities business, the latest effort by the British bank to reduce costs at its investment-banking arm. A week ago, the U.K. lender announced internally that about 10% of the jobs at its equities business across Europe, Africa and the Middle East would be lost, a person familiar with the matter said Friday. During the first half of the year, Barclays's equities and prime services business, which employs about 500 people, saw revenue fall 12% on the year to £973 million ($1.57 billion). The business has suffered as market volumes have dried up in recent quarters...The work-force reduction could be a taste of things to come for Barclays's investment bank. At the beginning of 2009, former Barclays Chief Executive Bob Diamond hired more than 400 bankers, mainly in equities and research, as part of a drive to turn the predominately debt-focused bank into a multi-asset powerhouse. Following Mr. Diamond's departure in the wake of a rate-fixing probe, new CEO Antony Jenkins has started a review of the bank's businesses to assess their profitability and whether and how they affect the lender's reputation. This, combined with tougher regulatory requirements, is expected to result in Barclays shrinking its investment bank, analysts say. Barclays To Cut 50 Equities Jobs [WSJ]

Cuts are said to be going down at the bank circa now.

John McFarlane's reputation for telling staff to GTFO precedes him.

Layoffs are said to be underway at the British bank.

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