Barclays to cull investment bank with 7,000 job cuts

Barclays is to cut 7,000 jobs from its investment banking division by 2016. It already announced job losses across the group of 12,000 for this year, but this has been increased to 14,000 as a result of the investment bank changes.

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Job losses to shrink Barclays investment bank

The job cuts announced by Barclays today will dramatically shrink the importance of its investment wing, which currently accounts for more than half of the bank's size, to no more than 30% by 2016.

  • The investment division employed 26,200 staff at the end of last year, around 10,000 in the UK
  • But this number has already shrunk to around 24,000 at the start of this year
  • Barclays did not give a breakdown of where the axe would fall when it announced 12,000 job cuts earlier this year
  • In total, the investment bank looks likely to have shrunk by 10,000 or more, from its size at the end of last year by 2016.
  • Last year Barclays hiked the staff bonus pool by 10% to £2.38 billion last year despite profits falling by a third. The highly paid bankers at the investment division would have received a sizable chunk of this loot.

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