Layoffs Watch '15: Barclays Was Just Kidding About Getting Rid Of 7,000 Investment Banking Jobs

Kidding about it not being a lot more than that.
Author:
Updated:
Original:

Apparently one of Jes Staley's first orders of business as the new CEO of Barclays (NYSE: BCS) was to say, "We can do a lot better than that."

Barclays Plc may cut an additional 20 percent of investment bank staff, with most of the losses in Asia and the global cash equities business, as Chief Executive Officer Jes Staley seeks to shore up profitability, according to people with knowledge of the decision. The Asia securities division, with operations in markets including Japan, Hong Kong and Singapore, isn’t considered competitive and profitable enough, said the people, who asked not to be identified because the strategy is private. The cuts, which would come on top of an existing program to eliminate 7,000 jobs at the investment bank through 2016, could be announced early next year, they said.

Barclays Said to Plan Further 20% Investment Bank Job Cuts [Bloomberg]

Related

News

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]