Barclays launches staff consultations on job cuts at UK investment bank
ReutersLONDON--Barclays has launched a consultation with staff in its investment bank whose jobs are at risk following a strategic review by new chief executive Antony Jenkins, the bank said on Tuesday.
January 24, 2013, 12:03 am TWN
Jenkins, who took over in August having previously run Barclays' retail operations, is revamping the bank following the departure of Bob Diamond when the bank was fined for interest-rate rigging.
Media reports have said Barclays is expected to cut around 2,000 investment bank jobs as part of a restructuring to be unveiled on Feb. 12, when the bank publishes its 2012 results.
Investment banks around the world are taking a harder line on pay and axing jobs to cope with a regulatory crackdown after the financial crisis that has made them less profitable than in the past. Some analysts believe they will need to cut between 30 to 40 percent of staff.
Hundreds of thousands of jobs have already gone at UBS, Credit Suisse, Deutsche Bank, Royal Bank of Scotland, Barclays and BNP Paribas.