Barclays cuts 2,700 investment banking jobs so far this year

More pain to come.

Barclays has cut 2,700 jobs in its investment bank this year as part of a plan unveiled in May to axe 7,000 positions over three years, the head of the business said on Monday.

Reuters reports that Tom King, chief executive of Barclays investment bank, also said at the Barclays Financial Services Conference there were tentative signs of a pick-up in trading activity after a slow July and August.

The Telegraph reported earlier this year that Barclays is set to cut more than a quarter of the staff in its investment banking arm as part of a radical overhaul of the bank that will also lead to the closure and disposal of its entire European retail business.

About 7,000 staff employed by the old Barclays Capital division will lose their jobs, out of a current workforce of just over 26,000, that will see the bank shrink its trading operations and focus more on underwriting new issues of bonds and shares.

19,000 jobs in total across the Group will go in the next 2/3 years.

Barclays says has cut 2,700 investment bank jobs this year

Barclays cuts 7,000 investment bank jobs in overhaul


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