BARCLAYS is preparing to cut up to 2,000 investment banking jobs under a major review of how it does business, it emerged yesterday, joining the flood of investment banks cutting costs and closing down sub-scale businesses.
The major British bank is expected to cut back its Asian and European operations as it focuses on its core businesses. But some jobs are likely to go in London, with investment bank head Rich Ricci recently indicating the bank’s tax planning unit and agricultural trading arm may be closed as part of its reputational review.
The expected losses come in at around 10 per cent of the investment bank’s headcount.
Barclays declined to comment ahead of the official announcement by chief executive Antony Jenkins in the New Year.
Many major banks are shedding staff, with Citi currently cutting 11,000 jobs.