Barclays "to cut hundreds of investment banking jobs"

28th Jan 2014 16:34

Barclays is set to axe hundreds of investment banking jobs as part of an overhaul following a series of scandals, it emerged on Tuesday.The bank is likely to cut a number of jobs in the "low hundreds" in the next few weeks, news agency Reuters cited an unidentified source as saying, although Barclays declined to comment.Chief executive Antony Jenkins took over last year in the wake of the Libor rate-rigging scandal, which cost Barclays £290m in fines.He launched an overhaul of the bank to improve its reputation following the Libor affair and other issues such as alleged currency rate manipulation and payment protection insurance (PPI) mis-selling.The shake-up has already resulted in more than three thousand job losses, cuts to investment bankers' pay and an end to speculative trading in some asset classes.Barclays' shares closed 1.47% up at 273.3p.PW