Barclays is likely to eliminate nearly 2,000 jobs in its investment banking across Europe, Asia and the US, as part of a plan to revamp its operations and comply with new regulations.
Following the completion of a consultation process in the UK, the bank is expected to inform the job cuts to its employees during the first half of next month.
As part of chief executive Antony Jenkins’ strategy, the job cut plan will be implemented across all areas of the investment bank, such as frontline deal-makers and back office staff.
Based on the performance of the entire group, a detailed restructuring plan is expected to be presented on 12 February this year.
Currently employing 23,000 professionals in investment banking unit across the globe, the latest round of reductions marks nearly one tenth of investment banking jobs.
The bank is also planning to cut the product and services, which are not profitable including tax advisory business and the sale of structured products to small-and medium-sized businesses.
London-based Barclays Bank provides retail banking, credit cards, corporate banking, and wealth and investment management services in the UK.