✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “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 previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eNBtcanW
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✨BARCLAYS ARE SET TO CUT HUNDREDS OF JOBS ACROSS ITS INVESTMENT BANK✨ Barclays is reportedly set to cut hundreds of jobs across its investment bank. According to multiple reports from the likes of Bloomberg News and Reuters, the layoffs will see the bank take the axe to under-performing investment bankers. Sources cited by Reuters said that the cuts come following Barclays' annual review process and are expected to take place in the coming months. A Barclays spokesperson told the news wire: “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 previously eliminated over 5,000 staff in 2023 in a broader cost-cutting effort. Poor financial conditions saw dealmaking plummet in 2023, a trend which has continued into 2024 and one which has had a significant impact on the wider banking industry. Barclays has previously said that it is looking to shift its strategy, prioritising expansion of its consumer bank and cooling on investment banking. British rival bank HSBC meanwhile is looking to expand its investment bank, with Greg Guyett, chief executive of global banking and markets, telling Financial News this week that it plans to add around 200 staff to the division in "the next couple of years". He told the outlet: "I’ve been very clear that we’re going to stay consistent in our investment in investment banking. You haven’t seen any stories about HSBC cutting or reducing staff. We’ve maintained staff. In fact, we’ve taken the opportunity in Asia as our competitors – particularly the Americans – have reduced their footprint to hire some great people.” Spartan International Executive Search Spartan International Group Oliver Rolfe https://lnkd.in/eSXZNhzi
Barclays set to slash investment banking roles
fstech.co.uk
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🏦 BREAKING: Barclays Announces Major Job Cuts Amid Restructuring Efforts 📉 📕 Stay ahead of the curve, stand out, and impress with stellar industry knowledge. 🚨 Alarm Signal: Barclays, a major player in the banking sector, has implemented substantial job cuts, reducing their workforce by 5,000 in 2023. 💼 Industry Perspective: The banking industry witnessed a total of 58,000 job cuts last year, with UBS/Credit Suisse, Wells Fargo, and Citi also making notable reductions. 🔗 Read the full article here: https://lnkd.in/eswSzWvD 🟢 🆓 Know the firms. Know the market. Get 1 month FREE on Monthly Memberships: https://lnkd.in/erfj9aXf #Barclays #BankingIndustry #JobCuts #Restructuring #FinancialPerformance #BankingNews #IndustryTrends #CorporateStrategy
2023 Banking Jobs Cuts: Barclays Among Biggest Cutters - Krugman Insights
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CEO at Active Staffing Services | Founder & CEO of Sunset Cove Solutions V.I. | Staffing & Recruitment Expert | Tech Innovation Advocate | Investor |
Barclays' recent decision to cut hundreds of jobs is a stark reminder of the volatile nature of the financial industry. However, it also underscores a crucial moment for reevaluation and adaptation. This move highlights the need for firms to innovate and remain agile in the face of change, ensuring they are equipped to navigate the complexities of the modern economic landscape.
https://www.reuters.com/business/finance/barclays-prepares-cut-hundreds-jobs-investment-bank-divison-bloomberg-news-2024-03-20/
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Lawyer; Banking, Crypto, DeFi, FinTech, LegalTech and Regulatory Compliance Expert; Global Trainer; Author
#UK #Barclays #wealthmanagement #jobcuts #layoffs #bloodbath According to Third Bridge analyst Max Georgiou, Barclays plc (BARC) needs to cut staff by 20% in order to reach its recently announced £2 billion cost-saving target by 2026. Here, we will analyse what this figure may mean for current Barclays emlpoyees. In 2023, Barclays listed its number of employees as 81,000 spread across over 40 countries. However, the proposed target figure of 20% is specified as being applicable to its Corporate and Investment Bank (CIB) in the United Kingdom (UK). Barclays is already shedding jobs left, right, and centre. Barclays was said to be shutting down at least 214 of its bank branches in the UK throughout 2023 and 2024. This year it announced that it would be closing another 99 bank branches throughout 2024 and 2025. In November 2023, Barclays announced that it would be cutting 900 jobs in its UK business, spread across certain back-office divisions (including compliance, finance, Information Technology (IT), legal, policy, and risk). Barclays confirmed that it had cut around 5,000 full-time jobs across its global business over 2023. In November 2023, it was estimated that Barclays would have to cut 2,000 jobs across Barclays Execution Services (BES) in order to save £1.3 billion as part of its cost-cutting drive. In 2023, BES had staff of more than 22,000. Based on this estimate, Barclays would have to cut roughly 3,076 jobs across BES in order to meet its new £2 billion cost-cutting target. In 2022, Barclays Group employed 42,831 people (on average) across the UK (more than 50% of all employees). If we use this approximate figure and apply Georgiou's estimated 20% headcount reduction figure, then the estimated number of job cuts would be somewhere in the region of 8,566 (n=20%). This leaves us with a potential spread of between 3,000 and 9,000 job cuts to be executed over the next 2 years in order to meet the £2 billion cost-saving target set by Barclays. Even if we go with the more conservative figure of 3,000, if we add the 5,000 job cuts made by Barclays in 2023, that would bring the total number of job cuts to 8,000 in total to be made by Barclays. That is a jobs bloodbath by anyone's reckoning. Its likely that BES employees based in Churchill Place, Canary Wharf, will be the hardest hit by Barclays' latest job cut drive. If you find my LinkedIn posts interesting please Follow Me on LinkedIn: https://lnkd.in/ecVNTRq4
Stock Talk: Barclays needs to cut staff by 20%, says Third Bridge
citywire.com
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Barclays is cutting 1,800 jobs worldwide with a quarter of these cuts already implemented in the UK. The bank has assured affected employees of support, including training and advice based on location. Read more on WhatJobs News #barclays #jobcuts #banking
Barclays confirms 5,000 global job cuts - Employment & Business News
whatjobs.com
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Goldman Sachs has removed caps on banker bonuses in the UK. 🤑 The cap, introduced in 2014 by the EU, limited bonus compensation to 2x an employee’s salary. Now, that figure can extend up to 25x, offering significantly more scope for competition within the city. Spokespeople from GS argued this decision “support[s] the UK as an attractive venue for talent” - but, after 2023 saw reduced starting salaries and a surge of layoffs, this change also signals a move back to a people-first philosophy across the banking sector. Do you think we’ll see other banks following suit in the UK? Let me know in the comments #banking #finance
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🌍💼 Over 60,000 Jobs Cut in the Financial Sector this year In 2023, the financial sector experienced significant difficulties, resulting in over 60,000 job cuts, primarily impacting major Wall Street banks. Swift increases in interest rates resulted in a decrease in investment banking activities. UBS's acquisition of Credit Suisse resulted in 13,000 job cuts alone. While global banks struggled, Romania's banking sector showed resilience. 🏦📊 Read the full article on howabout.tech and discover key takeaways 👉 https://lnkd.in/d22VtjZ2 #Finance #BankingLayoffs #EconomicShifts #HowAboutTech
The Financial Sector’s Job Shake-Up in 2023, More than 60 000 Layoffs
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Barclays PLC (LSE:BARC) cut 5,000 jobs over the course of last year in a bid to reduce costs and as “technology and automation” improved. Marking the most substantial cuts at the bank since the 2008 financial crisis, reductions are said to have taken the form of both redundancies and vacancies, as per Sky News. Reductions were made across Barclays’ 84,000-strong global workforce, with about a quarter thought to have hit the bank’s UK operations. #Barclays confirmed the cuts in a statement, explaining they were “part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns”. "The group is also creating capacity to selectively hire front office roles in key businesses,” Barclays added. More at #Proactive #ProactiveInvestors #LSE #BARC http://ow.ly/3Ihs1058gc0
Barclays ditches 5,000 jobs as ‘automation capabilities’ improve
proactiveinvestors.co.uk
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New cost-cutting measures at Barclays PLC (LSE:BARC), aimed at delivering annual savings of £2bn, could result in 17,000 job losses. Analysts at research house Third Bridge estimate a 20% reduction in headcount would be required to achieve the figure being touted. The high street lender currently employs around 85,000 people. Third Bridge believes the cull "would not impact day-to-day operations", and adds: "Previous cost reduction programmes have not been executed effectively, in some part due to its political culture. A coherent strategy is needed for future success but is an uphill battle." Barclays shares opened 6% higher 157.55p after the bank unveiled its three-year plan, which also includes a £10bn return to investors - mainly by way of a significant share buyback programme. More at #Proactive #ProactiveInvestors http://ow.ly/fGPL105iqTG
Barclays cost cutting could see 17,000 jobs go
proactiveinvestors.co.uk
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Citigroup will cut 20,000 jobs as part of CEO Jane Fraser's push to put the bank back on solid financial footing. Cuts will save Citigroup as much as $2.5 billion, though it also expects to incur up to $1 billion in severance payments and other costs tied to Fraser's overhaul. Citigroup saw revenue plunge 25% in the fourth quarter, but Fraser said 2024 will be a "turning point" for the business. The first wave of layoffs in Fraser's restructuring began in November. JPMorgan Chase saw earnings drop 15% year-over-year, mainly due to the $2.9 billion fee it paid in connection with the regional banking crisis. Bank of America paid its own $2.1 billion fee over the crisis, which reduced by 50% quarterly net income from a year earlier. Wells Fargo's quarterly costs were higher than expected due to severance charges and contributions to replenish the Federal Deposit Insurance Corp.’s fund.
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