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Barclays eyes ‘substantial’ UK job cuts – reports

Barclays Rain 480

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.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. “Accelerate our already strong performance”

    Performance rather than jobs once again features as the main priority! Is this already at the expense of last weeks conversion to an ethical approach?

  2. Headline should read – Barclays cut jobs in order to fund Hector’s ridiculus salary and pension contribution demands.

  3. How many thousand’s of jobs will be lost eventually as a result of the RDR?

  4. This is, as mentioned almost certainly down to Hector’s arrival – maybe his guidance re compliance with FSA rules means they need to change tack before they get another fine – he’s done his best to destroy the advice market and has moved on to investment banking – let’s hope he never gets a job in retail!

  5. Anonymous | 22 Jan 2013 6:14 pm

    How many thousand’s of jobs will be lost eventually as a result of the RDR?

    Oh we’re just seeing the tip of the iceberg.

    The damage they’ve inflicted on the financial services industry is yet to be seen but what we do know is thousands of advisers have bailed for whatever reason already. RDR will be seen as the final nail in the coffin but who in any position of power actually cares?

  6. Wonder how many staff jobs would be saved if Hector took a 50% pay cut ?

    Surely 1.5 million is enough for some-one to live on ?

  7. The Hector RDR plan is working, soon there will be no more Uk based financial advisers of any considerable number and then the foreign firms can set up with impunity and dominate the market.

  8. Jobs. Livelihoods. The TRUE cost of RDR. How interesting no-one in the mainstream media is picking up on this.

    With all the bank job cuts (while the directors get more or less the same bonuses) and mass migration of IFA’s from the industry as of 31/12/2012, this make Comet, HMV and Blockbuster combined look like a pleasant picnic in Richmond Park by comparison.

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