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Barclays eyes UK job cuts

Barclays Rain 480

Employees in Barclays’ investment banking arm have been warned their jobs are at risk as the bank looks to cut a number of roles.

Staff were sent an email this week informing them Barclays has started a consultation process to identify potential redundancies.

Around 23,000 people work in Barclays’ global investment bank business, with close to 10,000 of these based in London.

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.

A Barclays spokesman 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 12 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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