Reginal Thomas
0
All posts from Reginal Thomas
Reginal Thomas in reginal thomas,

Barclays Plans To Cut 1-4 Jobs To Save on Costs


Barclays Plc announced this week it will be cutting several hundred jobs in its investment bank as part of a plan to scale back its business by 7,000 staff over a three year period in order to save on costs. The job losses will mostly be in the fixed income, currencies and commodities trading and makers business, instead of advisory and equities. Barclays ins't the only bank cutting jobs in FICC, UBS AG is also scaling back because of falling revenues and tighter regulations. 
Last month Barclays Chief Executive Antony Jenkins last month announced the banks plans to be a Wall Street powerhouse and said he plans to cut one in four jobs in the division, as part of his plan to cut 19,000 jobs across the bank.