Barclays could axe upto 2,000 jobs
British multinational banking and financial Barclays could slash up to 2,000 jobs from its investment bank as the firm's new chief executive, Antony Jenkins reveals his strategic plans in the new year, a report has said.
Sources told the Wall Street Journal that senior executives at Barclays had recommended that the investment bank, headed by Rich Ricci, could lose between 1,000 and 2,000 posts.
The bulk of the jobs are expected to go in Asia and Europe rather than at the more profitable operations in London and New York, the Independent reports.
According to the paper, Barclays employs some 23,000 people in investment banking, so even a 2,000 cut would represent less than 10 per cent of its workforce.
Barclays has made it clear that it is committed to the universal banking model, which allows it to service corporate clients across the range of services it offers, the report added.