Barclays plans to slash 100 senior jobs, mainly in trading roles across its corporate and investment business to save costs, media reports said. The Barclays job cuts decision will largely affect managing director and director positions.
The Barclays job cuts are already taking place.
The bank is targeting positions in London, Some of the seniors forced to exit Barclays are Jonathan Kitei, Americas head of securitised product sales; Tim Johnston, EMEA head of cash high-touch trading and sales; and Anindya Das Gupta, India head of treasury, the media reports said.
Barclays recent job cuts suggest that some of the seniors were hired at a significantly high package. Barclays chief executive Jes Staley told the media that the business outlook for 2020 will be “unquestionably more challenging now than it appeared a year ago.” Although the Barclays job cuts will impact jobs in Asia, it will not lead to exit from any business operations in the market.
Prior to Barclays, several European lenders have slashed thousands of jobs across verticals to boost competition and save costs. Barclays laid off 3,000 jobs in the second quarter of 2019.
In the third quarter, the bank outperformed its Wall Street peers on the back of rising revenue from fixed-income and equities trading. According to the bank’s 2018 annual report, its global headcount was more than 85,000.
Previously, it had hired a massive number of managing directors under Tim Throsby, the former chief executive of Barclays. Throsby had hired 50 managing directors for the Barclays markets operations and 33 for the banking business over one and a half years to October 2018, the media reported.