According to a report by Reuters, citing sources familiar with the matter, Barclays (BARC) intends to eliminate “a few hundred roles” at its investment bank, as it bolsters efforts to tackle underperforming staff and reinvest in new talent.
The financial group has already initiated a business-wide cost reduction programme, which is expected to cut costs by nearly GBP 2 billion.
According to the report, employees affected are based in the lender’s global markets, investment banking and research division.
“As previously reported, we regularly review our talent pool to ensure that we can invest in talent and deliver for clients,” a spokesperson for Barclays was quoted as saying by the same media.
“This is difficult, but necessary, to ensure we position ourselves for long-term success as we execute against our strategy.”
Last year, the financial group slashed about 5,000 jobs as dealmaking activities decreased across the industry.
Stock Performance
The shares of Barclays PLC (BARC) closed 0.37% (0.75 pence) higher at 203.45 pence in London on Wednesday, as they snapped a two-day streak of losses.
The financial group’s total market cap now stands at GBP 30.56 billion.
The shares of Barclays PLC (BARC) went down 2.99% in 2023 and have risen 32.30% so far this year.
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