Barclays now seen cutting more heads

Expectations the bank will step up cost cutting at investment bank.

Reuters reports that Barclays said earnings dropped by a quarter to $8.5 bn last year from 2012, missing analysts' forecasts and raising expectations the bank will step up cost cutting as investment bank earnings wane.

The bank will not report its full results until Tuesday, but it released the headline number early on Monday..

Most focus on Tuesday will be on what CEO Antony Jenkins plans to do to increase cost savings - which could include hundreds of job cuts - and shrink Barclays' investment bank. He is attempting to improve profitability, cut risk and reduce the bank's leverage.

Jenkins is expected to increase cost savings targets beyond the $2.79bn in annual savings unveiled a year ago.

Barclays has cut about 400 jobs in its investment bank in the last two weeks and plans to cut a similar number in its corporate bank.

Hit the link below to access the complete Reuters article:

Barclays seen cutting more costs after profit drop

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image: © LukeStorry

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