Wealth Management

Barclays cuts 3,000 jobs in recent months, joining European peers


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The London-based bank joined other European lenders who have been eliminating roles in recent months, including HSBC Holdings and Societe Generale.

Monday 05, August 2019

Barclays Chief Executive Officer Jes Staley said that the bank laid off 3,000 employees in the second quarter as the firm sought to keep a tight grip on expenses and counter criticism over its ability to reach profitability targets, reported Bloomberg.

Tushar Morzaria, Barclays’ Finance Director, said that the cuts were not concentrated in a particular area, but across the board and in divisions that were not generating returns.

Barclays had 83,500 employees worldwide as of December 2018 the job reductions will be felt in the cost numbers in the second half right now Staley.

Investment-banking fees, which include advising clients on deals and share sales, slipped one per cent in the second quarter from a year earlier, that compared with analyst forecasts of a 11 per cent drop, which would have been in line with US peers.

The London-based bank said that it plans to reduce expenses beyond its previous guidance, which had a lower bound of GBP 13.6 billion ($16.5 billion), that is in line with what the bank said in the previous quarter was likely if conditions stayed tough.

TAGS : Barclays, job cuts, Jes Staley, HSBC Holdings, Societe Generale

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