As part of a long-term strategy to reduce expenses and enhance profitability within the department, Barclays Plc is gearing up to reduce its workforce by several hundred positions in the investment banking division.
If we look at the report presented by Bloomberg, these upcoming job cuts are said to impact employees in various aspects which includes global markets, research, and the investment banking sector. Furthermore, this action can be taken as a part of the company's annual practice of eliminating underperforming individuals
"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," stated Barclays.
This layoffs trend comes at a time when large organizations such as JPMorgan Chase & Co. have initiated layoffs in recent months. Due to this, we can see a global downturn in dealmaking and capital markets activity.
Also, as the prolonged decline in global dealmaking extends into its third consecutive year.recently, even Citigroup Inc. reportedly announced that it would reduce its workforce in the investment banking sector in London
If we look back to earlier of this year, Barclays Plc had also announced the carrying out of a cost-cutting initiative that will result in the reduction of thousands of jobs. Around 5,000 positions were eliminated from its global workforce of 84,000 as part of an effort to 'simplify and reshape the business.
As notified in Barclays' third-quarter results last October, these measures were employed majorly to boost profitability,
