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Barclays to cut hundreds more investment bank jobs: source [January 29, 2014] LONDON (Reuters) — Barclays <BARC.L> is set to cut hundreds more jobs in its investment banking division, a source familiar with the matter said on Tuesday, as the British lender keeps pushing to reform its business. |
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The number of jobs being axed was in the "low
hundreds", the source told Reuters, and the cuts will probably
come in the next few weeks. Barclays is also restricting travel
to meetings, according to the source, a sign it is clamping down
on costs. Last year, Barclays Chief Executive Antony Jenkins pledged a
fresh course for the bank, in an attempt to restore its
reputation following a series of scandals. Jenkins said in February that under his plan, Project Transform,
the bank would shed 1,800 jobs in corporate and investment
banking and 1,900 in its European retail and business banking.
The latest cuts come in addition to those. Overall, Barclays
employs around 140,000 people. The bank has also cut pay for its investment bankers, halted
speculative trading in some asset classes and began efforts to
reform its corporate culture. Barclays declined to comment. The bank is scheduled to report its full-year results on
February 11. (Reporting by Clare Hutchison; editing by Larry King) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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