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.