Barclays (BCS) Initiates Job Cuts Across IB & Research Units [Yahoo! Finance]
Barclays PLC (BCS)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
This move aligns with the company's £2 billion cost-cutting program in order to boost profitability. Several hundred staffers in global markets, IB and research will be impacted by this move. The latest dismissals validate a prior Bloomberg report indicating Barclays' plans to reduce its personnel in the IB division, including trading, advisory services, capital market operations and the international corporate bank. In a statement, Barclays said, “We regularly review our talent pool to ensure that we can invest in talent and deliver for clients.” The company has been facing increasing scrutiny about the performance of its IB business. The business requires higher capital compared with other divisions but the returns are relatively low. Further, the company is not likely to allocate additional capital to the IB division even if the global regulations require so. In the first quarter of 2024, Barclays reported a 3.3% year-over-year decline in IB division revenues. While equitie
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BCS
Sec Filings
- 5/15/24 - Form 6-K
- 5/15/24 - Form 13F-HR
- 5/10/24 - Form 6-K
- BCS's page on the SEC website