Layoffs Watch '14: Barclays

Author:
Bess Levin
Updated:
Jul 2, 2019
Original:
May 6, 2014

That big round of cuts CEO Antony Jenkins has been chomping at the bit to announce are expected to come later this week.

Barclays is poised to announce a cull of wheeler dealers as profits in its investment bank halved. The scandal hit firm is expected to unveil widespread job losses in the firm’s “casino” banking division on Thursday this week. Many London-based staff face the chop as boss Antony Jenkins sets out plans to overhaul the controversial arm of the bank...The biggest job losses are expected to come in the firm’s former Barclays Capital - Barcap - operations, built up by ex-chief executive Bob Diamond.

Barclays to reveal cull of investment bankers as profits fall [Mirror]

Earlier: Barclays Chief Needs Shareholders To Just Calm Down And Give Him Some Breathing Room While He Puts The Finishing Touches On Massive Layoff Plan

News

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]

News

New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they're telling him is the bank is about to have 40,000 fewer employees.

News

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

News

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

News

So that's got to be pretty exciting for everyone who thought the figure was more like 30,000, no?