Barclays London Investment Bank Staff Sweat over Where Jobs Axe will Fall

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Barclays London Investment Bank Staff Sweat over Where Jobs Axe will Fall

Post  Sirop14 on Fri May 09, 2014 9:12 am

Barclays' boss Antony Jenkins unveiled a range of radical moves to move the bank away from his predecessor Bob Diamond's legacy of risky profits by axing the bulk of investment bank jobs.

However, some London staff say that they are in a painful quandary as to where the axe will fall.

As part of the group's strengthened strategy of moving more towards High Street than Wall Street, Barclays confirmed 19,000 job cuts over the next three years along with the restructuring of a number of units.

This includes the creation of an internal "bad bank"' which hives off toxic or underperforming assets away from other units, as well as cutting how much the investment bank will contribute to the overall group.

"A number of us are concerned as to where the cuts are going to happen exactly, despite the announcement and our town hall meeting, as it was mentioned to be across both core and non-core units," one London-based investment banker told IBTimes UK.

Over the next three years, 7,000 Barclays' investment banking jobs will be cut across the globe, with one third of the cull borne in the UK.

Some 2,000 jobs will be cut this year, 2,500 in 2015, and 2,500 in 2016.

The bank revealed that the cuts will fall under a number of main sections [Figure 1].

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