Employees in Barclays’ investment banking arm have been told their jobs are at risk as the bank looks to cut a “substantial” number of roles, it has been reported.
Staff were sent an email earlier today informing them that Barclays has started a consultation process to identify potential redundancies in its investment banking wing, according to Sky News.
Sources told the broadcaster that all areas of the investment bank – from back office staff through to dealmakers on the frontline – have been put on notice. The consultation is likely to run until the end of February, people familiar with the matter claim.
Last year, reports emerged that Barclays was looking to shed up to 2,000 jobs from its investment bank but suggested these cuts would fall in Asia and continental Europe. However, Sky News’s sources say today’s consultation process shows jobs are expected to be lost in the UK.
Around 23,000 people work in Barclays’ global investment bank business with close to 10,000 of these based in London, mainly at the firm’s Canary Wharf headquarters.
A Barclays spokesperson says: “We have begun a process of consultation with UK-based employees.
“This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the Transform review of Barclays business, the outcomes of which will be announced on the 12th of February.
“Transform is explicitly intended to optimise the entire Barclays business and to accelerate our already strong performance. The changes planned for the investment bank are wholly consistent with that intent.”