Layoffs Watch '14: Barclays

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.

[WSJ]