Skip to main content

Layoffs Watch '15: Barclays

John McFarlane's reputation for telling staff to GTFO precedes him.
  • Author:
  • Updated:

In addition to the bank's CEO, who was pushed out this week, Barclays is expected to make a whole buncha cuts on chairman John "Mack the Knife" McFarlane's watch.

...the FCA Register shows that Barclays’ UK investment bank cut just 92 registered staff out of a total of 1,845 between May 2014 and May 2015. The pace of change hasn’t exactly been rapid so far. Under McFarlane, this is likely to change. Although he said...that he’s “very happy” with the investment banking business which is an important part of Barclays, the bank’s new executive chairman has a reputation for cost-cutting. At ANZ, McFarlane cut the overall cost ratio from 65% to 45% and shrank the investment bank. At Aviva, he reportedly divided the company up into small cells and worked out which were profitable and which weren’t...Now is not a good time to be a middle manager at Barclays. McFarlane used his inaugural interview as executive chairman to lambast Barclays’ bureaucracy. He said the bank has 375 “decision making committees” and that it needs “energy and speed” instead. He also described Barclays as “cumbersome” and “not efficient” and in possession of a “very large bureaucracy.”

John McFarlane’s plan for Barclays investment bank [eFinancial]


Layoffs Watch '15: Barclays

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

Layoffs Watch '13: Barclays

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.

Layoffs Watch '12: Barclays

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]

Layoffs Watch '15: Macquarie

The bank is set to ask half its bankers in Asia to clear out their desks.