Barclays is planning to cut another 20 per cent of jobs at its investment bank, it has been reported.
The bank has already announced 7,000 job cuts at its investment bank, but these are thought to be on top of that. Last year it slashed 2,500 jobs, and expects to make a similar number of redundancies this year.
However, the latest round are thought to be on top of that, Bloomberg reported today. It is understood the cuts will be heavily weighted towards Asia, where investment banks have struggled in recent months.
Deutsche Bank, Morgan Stanley and Standard Chartered have all made cuts to their investment banking operations in the region, as a slowdown in China weighed on revenues.
Last month it was reported Deutsche Bank could cut 1,000 jobs in London, after new chief executive John Cryan made the decision to split its investment bank into two parts, with one focused on trading and the other on corporate finance and transaction banking.
At the beginning of November, Standard Chartered announced plans to shed 15,000 jobs, blaming "challenging conditions" for disappointing quarterly results.
Today a spokesman at Barclays told City A.M.: “We are constantly monitoring our opportunities in different geographies and businesses globally over the cycle.”
The bank's shares closed 0.1 per cent lower, at 230.1p.