Barclays Unleashes Fresh Round of Staff Cuts, Axes 100 Senior Investment ‎Jobs

Global investment banks have reduced headcount to trim ‎costs and focuse ‎on its most profitable areas.

Barclays is set to cut about 100 investment banking jobs, including some top ‎dealmakers, sources told Bloomberg, as the underperforming division forces ‎the British lender to cut costs.‎

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The organisation declined to comment on reports that it was poised to ‎unleash a fresh round of cuts across its business that raises debt and advises ‎companies on mergers and strategy.‎

According to reports, some managing directors will be ‎made redundant, starting this week, with cuts expected to be split evenly ‎between Europe and the United States. However, Reuters’ sister publication IFR reported last ‎week that the Europe region is bearing the brunt of the cuts, adding that the total ‎number has not been finalized.

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Barclays’ boss Jes Staley has pledged to reduce annual costs, ‎with plans to axe 1,200 jobs and pull out of several Asian countries. ‎Cutting staff expenses is seen as one way of meeting this objective ‎following another set of disappointing results from the division in the third ‎quarter.‎

The bank said that the cutbacks form part of the strategy announced four years ago to focus on the UK, the US and serving clients globally, ‎while exiting certain product lines. ‎

Global investment banks have reduced headcount to trim ‎costs and focus on profitable areas, in an attempt ‎to meet stringent targets, after reporting declines in profit last year.‎

Besides Barclays, many Western banks have announced ‎plans to scale down their operations in investment banking in Asia and Europe, as they ‎grapple with slowing revenue growth due to the sluggish economy ‎growth in China, freefall of oil prices and post-Brexit results.‎

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