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Barclays has started its 400 job cuts today

Barclays let go an unknown number of employees within its investment bank in New York this morning, a source close to the situation told eFinancialCareers.This news comes just two days after reports that Barclays was planning to cut as many as 400 investment banking jobs, mostly in New York and London.

No names of those who were let go have surfaced, although earlier reports said that the U.K. bank would look to cut staff at the director and managing director level. A Barclays spokesperson in New York declined to comment.

Financial News reported on Wednesday that Barclays' struggling fixed income business would likely bear the brunt of the layoffs. Jenkins recently said that he expected the “FICC revenue pool to shrink over time” and that there was an “implication in that” for Barclays. Salespeople and traders appear particularly vulnerable, as do jobs in CLOs and structured credit.

The cuts are part of Chief Executive Antony Jenkins' plan to reduce costs by $2.8 billion by 2015.

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AUTHORBeecher Tuttle US Editor
  • ch
    chandan
    7 February 2014

    so far

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