Barclays Plans to Cut Around 60 Jobs at Investment Bank
(Bloomberg) -- Barclays Plc is planning job cuts at its corporate and investment bank as part of its cost-saving measures, according to people with knowledge of the matter.
The reductions will affect around 60 jobs, including some senior roles in the U.S. and other countries, said one of the people, who asked not to be named discussing private information.
A spokeswoman for Barclays declined to comment.
The London-based bank’s securities division reported a 45% annual rise in markets revenue last month, beating forecasts as well as rival global investment banks. But Covid-19 has slammed its lending businesses -- an impact Barclays has said will likely endure this year.
Like other banks, Barclays paused job losses during the pandemic, but mounting cost pressures have led firms to start resuming these cuts. In London, Societe Generale SA is planning to cut about 80 positions as it scales back securities services to asset managers, banks and brokers.
The biggest lenders in the U.S. also reversed course on pledges to avoid workforce reductions. Last month, Bank of America Corp. cut some of its staff in the global banking and markets division and rivals like Goldman Sachs Group Inc. and Citigroup Inc. have also made reductions.
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