Barclays said to be cutting 150 investment bank jobs

31st Jul 2015 14:56

(ShareCast News) - Barclays is reportedly cutting about 150 jobs at its investment bank as part of an attempt to reduce costs and improve profitability.According to sources cited by Reuters, affected staff - including fund managers - were told this week, although there were no indications about which areas would suffer the heaviest cuts.Barclays is currently in the midst of a major cost-cutting programme, which saw 14,000 jobs cut last year, with another 5,000 expected to go by the end of 2016.Earlier this week, new chairman John McFarlane indicated that more job cuts were on the way as he outlined plans to accelerate earnings growth and cut costs further.At 14:09, Barclays shares were up 0.5% at 288.5p.