Top Firm Said To Be Looking To Axe 'Several Hundred' Staff

Job Axe

The Financial Times reports that Barclays is to shed 'several hundred' UK corporate banking jobs as it moves to restructure its global operations.

According to the newspaper, the bank offered voluntary redundancy packages to staff last week, in a bid to keep compulsory lay-offs to a minimum.

In the meantime, The Independent reports that UK securities regulator The Financial Services Authority (FSA) lost, on average, almost one employee a day over the course of the last year, as staff jump ship ahead of the split-up of the regulator, which is due in early 2013.

One banker told Here Is The City: 'Given the chance, turkeys wouldn't hang around for Christmas either. So why should we be surprised that 352 FSA staff have quit in the last 12 months ? Soon the only people left there will surely be those that are struggling to find something else elsewhere'.

And The Daily Mail reports that a Citigroup trader has upset the Greek authorities because he sent an email out last week mentioning 'noise' that Greece may soon seek to restructure its debt. Apparently Greek bank shares fell 4.6% after the email was sent, and Greek authorities have now launched a probe to ascertain who is allegedly spreading false rumours. The authorities would be better served, however, sorting out the country's debt problems rather than wasting money Greece probably shouldn't spend on a fruitless investigation.

Finally, Bloomberg reports that JPMorgan is said to have signed off on a settlement with Lehman Holdings which will result in $800m of cash and collateral being returned for distribution to the failed firm's creditors. The settlement will have no material financial impact on JPMorgan.

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