MONEY & BUSINESS: Barclays axing hundreds of jobs as Wall Street pain spread
Barclays is drawing up plans to cut hundreds of jobs, two sources familiar with the matter told Reuters, as the bank trims its costs while embarking on a wider strategy review.
The British bank could cut as many as 400 jobs in its domestic retail business, one of the sources said, but added that the numbers were not final.
The second source said the bank was planning investment bank cuts that were part of annual assessments of banker performance and that the two rounds of cuts were not related, adding that some retail staff could be redeployed or take voluntary redundancy.
A Barclays spokesperson said: “We do not comment on speculation. We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way.”