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Investing.com -- Barclays (LON:BARC) Plc is planning to eliminate more than 200 positions in its investment banking division in the near future, as a part of a strategy by Chief Executive Officer C.S. Venkatakrishnan to enhance the division’s profitability.
The layoffs will likely impact employees across investment banking, global markets, and research, according to Bloomberg, citing insiders who requested anonymity. The most senior roles to be affected will be those of managing directors. This reduction will account for approximately 3% of the investment bank’s total workforce.
These cuts are intended to provide the bank with increased capacity to allocate resources to priority areas, an insider stated. In the markets sector, Barclays has been concentrating on increasing its market share in European rates, equity derivatives, and securitized product trading. The individual also clarified that this move does not imply that Barclays is pulling back from any products or asset classes.
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