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Barclays is preparing for new job cuts that will affect hundreds of employees within the investment bank, according to reports.
In a bid to boost profits and cut costs, the UK financial institution announced a strategic shake-up in February that will see it strip hundreds of roles across investment banking, research and markets. bloomberg report.
Retrenchments will be made as part of an annual review of underperforming staff.
A Barclays spokesperson said: “We regularly review our talent pool to ensure we are investing in top talent, delivering on our strategy and delivering results for our clients. However, this year’s review… “There are no final numbers.”
The move comes after Barclays announced a strategic review in February aimed at reducing its reliance on investment banking, but stopped short of exiting its largest division.
As part of the plan, it will cut costs by £2 billion over the next two years.
Barclays has separated its investment bank from its corporate banking division and reorganized the division’s leadership. Paul Compton, Global Head of Corporate and Investment Banking, has been moved to Chairman of Investment Banking, reporting to CEO CS Venkatakrishnan.
Meanwhile, Stephen Dainton, head of markets, has been appointed head of investment banking, with Adeel Khan now sole head of markets. Former Credit Suisse dealmakers Cathal Deasy and Taylor Wright will continue as heads of dealmaking.
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