Barclays poised to cut hundreds of investment bank jobs, sources say

Barclays is preparing to axe hundreds of jobs across its investment bank as it runs the rule over under-performers in the division, two sources familiar with the matter told Reuters. The layoffs are a result of Barclays' annual review process and are expected to take place in the coming months, the sources said.

Barclays is preparing to axe hundreds of jobs across its investment bank as it runs the rule over under-performers in the division, two sources familiar with the matter told Reuters.

The layoffs are a result of Barclays' annual review process and are expected to take place in the coming months, the sources said. The cuts come after a torrid year for dealmaking for the wider banking industry and as Barclays pursues a revamped strategy that prioritizes expansion of its higher-returning consumer bank.

"We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients," Barclays said in a statement. Bloomberg News first reported the planned cuts.

The bank slashed

its workforce by around 5,000 jobs in 2023 as part of an ongoing major cost-cutting drive.