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Barclays and Citigroup plan to cut jobs at their investment banking units, people familiar with the cuts told Bloomberg on Wednesday. The layoffs follow a wave of similar layoffs at other major banks.
Barclays to cut hundreds of jobs Bloomberg reports that the company is drawing talent from its global markets, research and investment banking divisions. The job cuts are part of the bank’s annual drive to reduce underperformers and could be implemented in the coming months.
Barclays did not immediately respond to a request for comment, but told Bloomberg in a statement that it regularly reviews its talent pool to “make sure we can invest in top talent, execute on our strategy, and deliver results for our clients.” “I am doing so,” he said. ” The bank added that the figures for this year’s review have not yet been finalized.
Citigroup banks are Approximately 20 jobs cut from investment banking division in Londonreported Bloomberg. Most of these cuts will affect junior staff, a person familiar with the situation told the outlet.
Citigroup’s job cuts come as Chief Executive Officer Jane Fraser is spearheading a major restructuring of the bank. Mr. Fraser told investors in January that the reorganization would result in the company cutting its workforce by 10%, or 20,000 jobs.middle period”
Citigroup declined to comment.
Large-scale layoffs at major banks
Several major banks are cutting jobs as they seek to cut costs amid a global trading downturn caused by central bank interest rate hikes.
According to Bloomberg, global trading volume is down about 17% this quarter compared to the same period in 2019.
Last year, Wells Fargo, Citigroup, and Bank of America A total of 17,700 jobs will be cut..
goldman sachs and JP Morgan Chase The company also cut hundreds of jobs in the fourth quarter.
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