Barclays to cut around 100 roles in investment banking - reports

17th Apr 2023 11:16

(Sharecast News) - Barclays will reportedly cut about 100 roles in its investment banking group, as the slowdown in dealmaking and capital-markets businesses continues.

Bloomberg cited a person familiar with the matter as saying that conversations with affected staff are set to take place this week.

The job reductions come at a time when many banks are facing pressure from slowing deals and rising interest rates. Dealmakers at Barclays, like many of its rivals, are facing a continued drought with investment banking fees at the British lender falling about 50% year-on-year to £480m ($596m) in the fourth quarter, Bloomberg noted.

Barclays cut around 200 roles from the same division in November, which represented less than 3% of the unit's global headcount, Bloomberg News reported at the time.

Sky News first reported the news on Sunday. It said the jobs being scrapped aren't confined to a single country or function within the business.

Barclays declined to comment on the reports.