Barclays is set to cut 2,100 jobs in its investment banking and wealth management operations, in a move that will affect back office and IT staff as well as the front office.
The new cuts are expected to affect the UK, with 500 job cuts from Barclays Wealth hitting offices in London, Glasgow and the Channel Islands.
Around 1,300 people will be cut from investment banking arm Barclays Capital and 330 from asset management arm Barclays Global Investors, both principally in the UK and North America, it is understood.
Last week, Barclays said it will cut 408 IT jobs in its Global Infrastructure and Service Delivery wing, mainly affecting offices in London and Cheshire. In July last year, it began offshoring 1,800 jobs to Singapore, Hungary and India.
A source close to the latest round of negotiations said “both the front office and back office” will be affected by the new cuts. Negotiations with staff and trade unions were ongoing, the source said, declining to give more detail.
In a statement, a Barclays spokesperson explained: "We can confirm that we have begun a process to reduce headcount across some parts of IBIM [Investment Banking and Investment Management] to ensure that we are appropriately sized given the current market conditions. We will continue to hire selectively across those parts of the business that are growing".
Graham Goddard, deputy general secretary at trade union Unite, criticised the repeated job cut announcements and urged the bank to “come clean” with its staff on plans for the future.
“We cannot continue with this situation of daily job cuts without any justification or explanation of the broader strategy for the bank,” he said. “In this economic environment it is not acceptable for Barclays staff to arrive at work each day with the dread that they could be next in what appears to be a lottery of job losses."
A report yesterday by the National Computing Centre stated 55 percent of finance professionals in the UK expect a growth in the number of IT posts available in their sector. Development and systems staff are the most in demand IT personnel in the jobs market, it said.
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