Barclays Announces Further Job Cuts

Barclays Announces Further Job Cuts

Thousands of employees at Barclays are awaiting their fate after the bank began a headcount reduction exercise across its investment banking and management division in the second cull announced in a week.

The division, which includes Barclays Capital and Barclays Wealth, has launched a consultation process to ensure that it is "appropriately sized given current market conditions".



The news follows Barclays' announcement last Wednesday that it would cut over 400 IT support  staff whose "responsibilities are unclear" at its Global Infrastructure and IT Service Delivery divisions.

Workers union Unite said that it has been consulted on at least 3,000 job losses to be announced by Barclays before the summer.