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Barclays to cut more than 100 investment banking roles

By Nagasunder in UK Business News, posted April 17, 2023

Barclays is to cut employees in investment banking as its dealmaking and stock market floatations lag.

Sky News reports the bank will lay off more than 100 people in its investment bank this week, with insiders saying the layoffs will not be limited to a particular area or function within the business.

The redundancies are small, but could indicate executives are continuing to try to cut costs in a challenging era for the global economy, with sharp decreases in merger activity in some industries recorded in recent quarters.

Barclays slashed approximately 200 jobs in its investment bank last November, making the new downsizing the second wave in less than six months.

Citi, Goldman Sachs, and Morgan Stanley have all laid off thousands of employees since the beginning of the year.

Despite rising interest rates being partly responsible for increased bank profitability, three of the top US banks reported higher-than-expected earnings last week.

Nonetheless, the recent month in global finance has been one of the most volatile since the 2008 financial crisis.

The failure of Silicon Valley Bank in the United States, and the subsequent rescue buyout of its UK subsidiary by HSBC, highlighted the difficulties faced by quick central bank rate increases.

The emergency buyout of Credit Suisse by Swiss rival UBS was the most major bank deal globally since the banking disaster 15 years ago, and it has generated fears of another systemic crisis, which Bank of England governor Andrew Bailey has sought to allay.

A Barclays spokesman declined to comment.

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Source: Sky News

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