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Barclays to cut hundreds of jobs at its investment bank

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Staff at Barclays’ investment banking division have been put on notice that their jobs are at risk following a review of the lender’s operations by new chief executive, Antony Jenkins. Barclays said it had “begun a process of consultation” with its UK-based staff ahead of the results of the so-called Transform review being published next month. The process will reportedly involve hundreds of job cuts in the London investment banking arm, which employs around 10,000 people.

 

Mr Jenkins is attempting to overhaul the bank’s culture in the wake of the financial crisis and scandals involving the mis-selling of financial products and the manipulation of Libor. Last week he told Barclays staff that they would have to adhere to a new code of ethics if they wanted to remain at the bank. The consultation period, which was disclosed to the bank’s staff yesterday, will end in the first half of February.

 

Link: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9819444/Barclays-to-cut-hundreds-of-jobs-at-its-investment-bank.html


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