Barclays to cut hundreds of jobs across its investment bank

Barclays Plc is preparing to cut several hundred jobs within its investment bank division as the firm embarks on a yearslong efforts to trim costs and boost profits within the unit, according to people familiar with the matter.

 

The cuts will affect staffers in global markets, research and the firm’s investment banking arm, according to the people, who asked not to be identified discussing non-public information. They are expected to take place in the coming months and are part of the firm’s annual cutting of low performers, the people said.

“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” Barclays said in an emailed statement, which noted it hasn’t finalized the number of roles included in this year’s review.

In recent months, Wall Street giants from Citigroup Inc. to JPMorgan Chase & Co. have turned to job cuts in response to the global slump in dealmaking and capital markets activity. At Barclays, the moves come as the company is kicking off a lengthy push to improve the profitability of its investment bank division, which has been stung by that dearth of activity as well as higher-than-usual attrition among dealmakers.