Barclays Bank has joined UBS, Credit Suisse and Goldman Sachs in announcing that it will be cutting jobs.
Barclays is expected to lay off 100 employees in its investment division as a result of a significant downturn in the banking sector caused by the collapse of some of the largest banking companies in the United States.
The first layoffs will begin this week, Finance Magnates reports. Earlier in November 2022, Barclays cut 200 jobs, or 3 percent of all employees in Barclays' investment division.
A report for the fourth quarter of 2022 showed that investment banking fees were down more than 50 percent from the previous year, falling to $594 million.
Compared to its competitors, however, Barclays has taken relatively modest steps to reduce its personnel. Credit Suisse, for example, reported 9,000 layoffs, and the two firms are expected to reduce their combined positions by 36,000 as a result of their merger with UBS. Goldman Sachs has announced plans to lay off 3,200 employees.
Barclays is an international digital bank headquartered in London whose main advantage is high interest rates on savings. Bank clients can also link up to 25 accounts opened with other financial institutions to their Barclays user account and make free transfers between them via a mobile app or use them for online and offline payments.
