Barclays to Cut Hundreds of Jobs Across Trading, Investment Bank
- Lender targets about 5% of client-facing jobs in markets unit
- CEO Venkatakrishnan vowed to reduce costs amid strategy review
The Barclays Plc headquarters in London.
Photographer: Hollie Adams/BloombergBarclays Plc is preparing to cut hundreds of jobs as soon as next week as the firm looks to trim costs amid quieter markets.
The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter. Separately, the firm is also preparing to restructure teams within its UK consumer-banking unit, the people said, asking not to be named discussing personnel information.