Rumours of further Barclays’ job cuts circulate
(8 December 2015 – United Kingdom) In a bid to cut its costs and increase profits, Barclays plans to slash more jobs in its investment banking unit, sources have told reporters.
Most of the job cuts will be across Asia according to the reports, with around 20 percent of its investment banking headcount to be reduced.
The London based bank, last month had put a freeze on hiring until the start of next year.
The bank is midway through a cost-reduction plan, which included cutting about 14 percent of its global workforce – or around 19,000 workers. The latest round of layoffs will be in addition to the 7,000 jobs that the bank plans to cut by 2016.
Barclays is not alone in the restructuring of operations, and slashing its head count. Deutsche Bank recently announced that it would cut around 15,000 jobs, cease operations in 10 countries and reduce costs to lower than €22 billion (A$32.8 billion) by 2018 after splitting its investment bank.
Similarly, Switzerland's Credit Suisse announced a restructuring plan under newly appointed CEO Tidjane Thiam.
Subscribe