Barclays Share Price: Massive job cuts in Investment Banking Division

on May 8, 2014
Updated: Oct 11, 2019

Barclays Bank announced 14,000 job cuts as part of its new strategic restructuring. The investment bank will shed about 7,000 jobs by 2016.

A big proportion of that cut will be in the UK – as high as 70%. Many of these jobs will be in the investment banking division.
Barclays’ CEO, Antony Jenkins, would like to see the global workforce of the bank be scaled back over the next six years from 140,000 to 100,000, according to the BBC.
Barclays’ share price went up by 3.5% in the early hours of trading this morning.

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Barclays Share price fell almost 5% as first quarter profits dropped by the same amount on Tuesday. Statutory profit before tax improved 18% to £1,812m, including an own credit gain of £119m (Q113: loss of £251m)..
Investment Bank income was down 28% to £2,490m driven primarily by a 41% decrease in FICC income due to challenging trading conditions resulting in subdued client activity across Rates and Credit, changes in business mix in light of the ongoing strategic review of the Investment Bank, and a relatively strong performance in Q113.
more to follow…


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Finance & Banking Stock Market