Barclays to Cut 2,000 Investment Banking Jobs

by Christopher Freeburn | December 13, 2012 11:40 am

jobless unemployment 630 300x227 Barclays to Cut 2,000 Investment Banking Jobs[1]Barclays (NYSE:BCS[2]) will restructure its operations, trimming up to 2,000 workers at is investment banking unit[3].

Most of the job losses will come at the British bank’s European and Asian offices, while investment banking operations in the United Kingdom and U.S. are likely to escape major cuts, the Wall Street Journal noted.

The exact number of job losses has yet to be finalized and some Barclays executives are recommending even larger cuts. Anthony Jenkins, the bank’s new CEO, plans to announce a comprehensive reorganization plan in February.

Barclays’ restructuring comes after the bank was implicating in a major interest rate manipulation scandal earlier this year[4].

A number of other global banking giants have recently announced plans to trim their workforces, including UBS (NYSE:UBS[5]), Deutsche Bank (NYSE:D[6]B) and Credit Suisse (NYSE:CS[7]). Earlier this month, Citigroup (NYSE:C[8]) said that it would cut 11,000 workers, most from its global consumer banking unit[9], and shutter 84 branches worldwide.

Shares of Barclays rose about 1% in Thursday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/06/jobless-unemployment-630.jpg
  2. BCS: http://studio-5.financialcontent.com/investplace/quote?Symbol=BCS
  3. trimming up to 2,000 workers at is investment banking unit: http://online.wsj.com/article/SB10001424127887324296604578175471446797066.html
  4. a major interest rate manipulation scandal earlier this year: http://investorplace.com/2012/07/barclays-chairman-quits-amid-interest-rate-scandal/
  5. UBS: http://studio-5.financialcontent.com/investplace/quote?Symbol=UBS
  6. D: http://studio-5.financialcontent.com/investplace/quote?Symbol=D
  7. CS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CS
  8. C: http://studio-5.financialcontent.com/investplace/quote?Symbol=C
  9. most from its global consumer banking unit: http://investorplace.com/2012/12/citigroup-to-eliminate-11000-jobs-shares-jump/

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