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Barclays prepares to cut 2,000 investment jobs

Barclays Rain 480

Barclays is set to axe as many as 2,000 jobs from its investment department as part of a move to cut £2bn from its annual cost base of £20bn, according to reports.

The FT reports the bank will present a strategic overhaul of the business on Tuesday which will focus on a partial wind-down of retail and commercial banking in parts of Europe including Italy, as well as cutting back on the investment banking operations in Asia.

Chief executive Antony Jenkins is also expected to announce the closure of the structured capital markets unit, according to the report.

Jenkins placed the tax advisory business, which made up to three-quarters of profits at Barclays’ investment banking operation at its peak, under review in September based on the negative attention it had attracted.

Employees in Barclays’ investment banking arm were warned in January their jobs could come under risk as the bank started a consultation process.

Staff have also been presented with a new code of conduct in recent weeks, focusing on respect, integrity, service, excellence and stewardship.

Barclays set aside an extra £1bn to cover any redress due to customers who were missold financial products earlier this month.

Tomorrow’s annual results will be the first to be overseen by Jenkins since becoming chief executive in August 2012.

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