Barclays to Cut Investment Bank Jobs in New York, London
- 8 years ago
Barclays Plc Chief Executive Officer Jes Staley has started a fresh round of cuts at the investment bank, affecting staff in New York, London and most deeply in Asia, according to a person with knowledge of the matter.
The bonus pool for the investment bank may be cut by at least 10 percent from the previous year, said the person, who asked not to be identified because the decision is not public.
The bank, which hasn’t made a final decision on compensation, plans to pay bonuses in March, later than the usual mid-February timing, according to a separate person.
Staley, a former JPMorgan Chase & Co. banker who took over last month, is seeking ways to boost earnings growth and restore investor confidence by focusing on the bank’s most profitable businesses.
As part of the overhaul, Barclays may cut an additional 20 percent of investment bank staff, with most of the losses coming in Asia and the global cash equities business, people familiar with the situation said last month.
The bonus pool for the investment bank may be cut by at least 10 percent from the previous year, said the person, who asked not to be identified because the decision is not public.
The bank, which hasn’t made a final decision on compensation, plans to pay bonuses in March, later than the usual mid-February timing, according to a separate person.
Staley, a former JPMorgan Chase & Co. banker who took over last month, is seeking ways to boost earnings growth and restore investor confidence by focusing on the bank’s most profitable businesses.
As part of the overhaul, Barclays may cut an additional 20 percent of investment bank staff, with most of the losses coming in Asia and the global cash equities business, people familiar with the situation said last month.