Barclays has signaled potential job cuts in London to cut costs and recover from the legacy of former CEO Jes Staley. <\/p>\n\n\n\n
The bank reported a four percent profit drop in the third quarter, totaling \u00a31.9 billion.<\/p>\n\n\n\n
It\u2019s due to a slowdown in its investment banking division<\/strong><\/a> and an increase in bad debts.\u00a0<\/p>\n\n\n\n Read More: British Steel Owner Could Cut About 2,000 Jobs<\/strong><\/a><\/p>\n\n\n\n This comes after the Financial Conduct Authority’s (FCA) recent fine of \u00a31.8 million and a ban on Staley from holding senior City positions.<\/p>\n\n\n\n It follows allegations of concealing his “close personal relationship” with the deceased sex offender Jeffrey Epstein.<\/p>\n\n\n\n Under Staley’s leadership<\/strong><\/a>, Barclays bolstered its investment banking presence, establishing itself as a significant player on Wall Street.\u00a0<\/p>\n\n\n\n However, his successor, CS Venkatakrishnan, known as Venkat, is now looking to implement cost-cutting measures.<\/p>\n\n\n\n Further details are expected in February. <\/p>\n\n\n\n Read More: KPMG To Axe Up To 110 Roles In UK Deal Advisory Unit<\/strong><\/a><\/p>\n\n\n\n He said: \u201cWe see further opportunities to enhance returns for shareholders through cost efficiencies and disciplined capital allocation across the group.\u201d<\/p>\n\n\n\n The challenges Barclays face reflect broader trends in the Square Mile, where a lack of deal-making and new listings is impacting the industry. <\/p>\n\n\n\n As such, the possibility of job cuts in the investment banking sector looms over the entire City.<\/p>\n\n\n\n Corporate and investment banking sector profits fell by 11 percent in the third quarter, attributed to “lower client activity.” <\/p>\n\n\n\n Need Career Advice?<\/strong> Get employment skills advice at all levels of your career<\/strong><\/a><\/p>\n\n\n\n The bank also saw a 26 percent decline in fixed-income trading revenue, which may have ripple effects on London and New York bond trading desks.<\/p>\n\n\n\n The bank allocated \u00a3433 million to handle potential debt defaults, an increase from the previous figure of \u00a3381 million. <\/p>\n\n\n\n If this trend continues throughout the financial sector<\/strong><\/a>, it could be a concerning indicator for the broader banking industry.\u00a0<\/p>\n\n\n\n Barclays is also grappling with fierce competition on the high street, particularly regarding customer deposits.<\/p>\n\n\n\n Follow us on <\/strong>YouTube<\/strong><\/a>, <\/strong>Twitter<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a>, and <\/strong>Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Barclays has signalled potential job cuts in London to cut costs and recover from the legacy of former CEO Jes Staley. <\/p>\n","protected":false},"author":5,"featured_media":51605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[415,414],"tags":[1103],"class_list":["post-51604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-employment-news","category-uk-business-news","tag-barclays"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/51604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=51604"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/51604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/51605"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=51604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=51604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=51604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}