Barclays cuts up to 400 jobs in investment

Tim Wallace
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HUNDREDS of investment bankers at Barclays will lose their jobs as the bank maintains its focus on costs, it emerged yesterday.

The axe is likely to fall on poor performers in centres including London and New York, while staff also face a crackdown on travel as the bank tries to control costs.

Employees will no longer be allowed to travel for internal meetings, and meetings with clients will be more controlled.

Barclays declined to comment. Two months ago the lender announced a range of job cuts across its retail banking business, with 1,700 positions going across its branch network. The bank is also weighing up hundreds of branch closures in the next five to ten years.

Meanwhile Lloyds announced the latest round of job cuts under the plans to reform the state-backed lender, which were laid out in 2011.

It is cutting 1,080 positions directly and outsourcing 310 roles. They are spread across the country with local business relationship managers bearing the brunt of the cuts.

The bank has now cut more than 11,700 of the 15,000 total set out in that plan two years ago.