Barclays Plc is gearing up to reduce its workforce by several hundred positions in the investment banking division as part of a long-term strategy to reduce expenses and enhance profitability within the department.
According to a report in Bloomberg, the forthcoming job cuts are expected to impact employees in various divisions, including global markets, research, and the investment banking sector. These cuts might occur in the upcoming months and are 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," Barclays reportedly said in a statement.
This comes at a time when prominent Wall Street entities like JPMorgan Chase & Co. have carried out layoffs in recent months, due to the global downturn in dealmaking and capital markets activity.
Recently, even Citigroup Inc. reportedly announced that it would reduce its workforce in the investment banking sector in London as the prolonged decline in global dealmaking extends into its third consecutive year.
Earlier this year, Barclays Plc had also confirmed the implementation of a cost-cutting initiative that resulted 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.
These measures were employed majorly to boost profitability, as stated in Barclays' third-quarter results announced last October.
