'The business has fundamentally changed and is not reflected in people stacks'.
Bloomberg News reports that the European fixed-income, currencies and commodities business, or FICC, may be the hardest hit, with about 5,000 job losses, analysts led by Chirantan Barua said in a note Tuesday.
Cuts of 6,500 to 7,500 equate to between 25% and 30% of the unit’s employees, the report estimated. Barclays should eliminate Managing Directors first, followed by more junior positions, Barua said.
'The U.S. broker-dealers have been far more proactive in attacking this situation than the European peers', he wrote. 'It has to be cross-sectors, trading desks not only commodities, as the very risk-taking nature of the business has fundamentally changed and is not reflected in people stacks'.
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