In a move which is expected to result in thousands of job cuts.
The Financial Times reports that Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads.
The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10% to a total of £2.4bn last year in spite of a one-third fall in its pre-tax profits.
According to the newspaper, the new strategy for the investment bank is expected to be unveiled before the summer. Two people familiar with the situation said the bank was also considering replacing King and Bommensath, though this may not happen until after the new strategy is presented.
Barclays denied that a search was 'in train for any change to leadership in the investment bank'.
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