- more than the 10-12k originally suggested
- 19000 over next 3 years
- 50% in UK
- 10,000 job losses in UK by 2016
- 7000 job losses in investment bank by 2016
A sign of the times that Barclays is cutting back on its investment banking operations as conditions and regulations/scrutiny gets tougher. Another death-knell for risk/non-essential markets and that includes FX of course
Barclays will also set up a “bad bank” which will eventually sell or run down £115bn of non-core operations.These include £90bln of investment bank assets and all of its European retail banking operations, amounting to £16bln of assets.
The BBC has more here
