Barclays has threatened "substantial" job cuts in its London investment bank, ahead of a review of its operations by new chief executive Antony Jenkins.
According to a report by Sky News, the bank has put the London-based employees of its investment banking arm on notice ahead of severe cuts. All areas of its investment bank are under review, with the completion date for the consultation due in the first half of February. The consultation is part of a review of the bank's operations conducted by Jenkins (pictured) after taking over the position of chief executive from Bob Diamond, who was forced out by the LIBOR fixing scandal. Jenkins has said Barclays will remain "a universal bank", but restoring its tarnished reputation will lik...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes