Barclays to cull ‘substantial’ number of London jobs

Barclays has threatened “substantial” job cuts in its London investment bank, ahead of a review of its operations by new chief executive Antony Jenkins.

According to a report by UK satellite broadcaster Sky News, the bank has put the London-based employees of its investment banking arm on notice ahead of severe cuts.

All areas of its investment bank are under review, with the completion date for the consultation due in the first half of February.

The consultation is part of a review of the bank’s operations conducted by Jenkins (pictured) after taking over the position of chief executive from Bob Diamond, who was forced out by the Libor fixing scandal.

Jenkins has said Barclays will remain “a universal bank”, but restoring its tarnished reputation will likely involve withdrawing from the more contentious areas, such as commodities trading and aggressive tax planning.

Barclays employs just under 10,000 people in its investment bank in London and around 23,000 staff globally.

Reports published last year suggested as many as 2,000 jobs may be cut globally, although the majority of these would be in Asia and continental Europe.

However, these reports have been tagged as “speculative” and the number of job cuts in the London office could be in the hundreds.

 

This article was first published on Investment Week

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