Barclays to Cut Over 200 Investment Banking Jobs to Boost Profitability
Bloomberg News has reported that financial firm Barclays is preparing to cut more than 200 jobs in its investment banking division as part of a plan to strengthen profitability.
On June 9 (local time), Bloomberg, citing sources, reported that this action, which is expected to take place within a few days, could affect employees in the investment banking, global markets, and research divisions. One source stated that the layoffs are intended to secure more capacity for investment in priority areas.
Barclays undertook a similar round of layoffs just over a year ago. The investment banking division is Barclays’ largest business unit. Last year, it generated revenue of 11.8 billion pounds (approximately 21.7 trillion won), a 7% increase compared to the previous year. The company has focused on strengthening revenues generated from equity capital markets and mergers and acquisitions.
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A Barclays spokesperson said in a statement, “Like other banks, we regularly review our talent pool as part of ongoing business operations in order to continue investing in priority areas.”
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