Top Firm Said Likely To Act Quickly As It Axes Up To 2,000 Jobs

Sean Penn

Get it over and done with as quickly as possible to ensure employees know exactly where they are..

The Financial Times reports that Barclays is cutting up to 2,000 jobs in its investment bank as part of a strategic overhaul by the bank’s CEO Antony Jenkins.

The bank on Tuesday started a consultation process in the UK to shed several hundred jobs and will inform staff in Europe, Asia and the US about further redundancies in the next few weeks, people close to the situation said.

In the meantime, eFinancial Careers reports that Barclays may begin handing out pink slips this week to some U.S. staffers in its investment banking division in an accelerated fashion meant to avoid the drawn-out process that characterized past job cutting, a person close to the situation said.

Last year, people earmarked to be laid off first went through performance reviews, then were told they would get no bonuses and were ultimately let go, said one source at the bank. It was a month-long process, said the employee. This year, the layoffs in the U.S. will happen before performance reviews and bonus discussions. The employee said the accelerated cuts will likely happen globally.

Finally, Bloomberg reports that Barclays is closing its Brazil research unit and cutting staff there amid a global restructuring, two people with direct knowledge of the matter said.

Barclays will reduce the size of its equity-trading, fixed-income and investment-banking business in Brazil, according to one of the people, who asked not to be identified because the decision hasn’t been made public.

Barclays revamp to cost up to 2,000 jobs (subscriber content)

Barclays to Avoid ‘Dead Men Walking’ in Layoffs This Week

Barclays Said to Close Brazil Research Unit and Cut Jobs

 

image: © seher sikandar

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts