Barclays Plc has plans to cut about 100 senior jobs that are mostly related to trading roles across its corporate and investment bank, as the British lender seeks to rein in costs.
Barclays has started trimming managing director and director positions, mainly in London and Asian financial hubs. The fact got confirmed by people familiar with the matter, who, however, refused to be identified as the details aren’t public, as per a media report.
A Barclays’ spokeswoman refused to comment on the cuts that are among the first to be implemented by a major investment bank in 2020. Last year the bank saw several European lenders reshaping their securities units, witnessing elimination of thousands of roles amid increasing competition from U.S. peers and a lackluster home market.
Jonathan Kitei, head of securitized product sales for Americas, and Tim Johnston, head of EMEA cash high-touch trading and sales, are leaving the bank as a result of the cuts, people familiar with the matter said. Both men declined to comment. About a dozen positions in Asia have also been hit, one of the people said.
Chief Executive Officer Jes Staley, who has made attempts to reduce expenses as a means to seek profitability targets, said in October that “the outlook for next year is unquestionably more challenging now than it appeared a year ago.” Last year, he said that Barclays will cut 3,000 jobs in the second quarter. In the bank’s 2018 annual report, Barclays said global headcount was more than 83,000.
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