Barclays will cut jobs for the second time in six months

Barclays will cut jobs for the second time in six months

Barclays joins the ranks of global investment banks that are slashing jobs due to a decline in dealmaking and stock market flotations.

As per sources, the British lender will cut more than 100 roles in its investment bank this week, not restricting the cuts to any single country or function within the business.

Even though the job slash is low, it is a sign that CEOs are making a continuous effort to cut down on expenses in these challenging times faced by the global economy, as there has been a substantial decline in merger activity spread across several markets in recent quarters.

Last November, Barclays cut roughly 200 jobs in its investment bank; thus, this latest round of job cuts comes for the second time in less than six months.

Since the turn of the year, Citi, Goldman Sachs, and Morgan Stanley have collectively slashed more than thousands of jobs.

The three largest US banks reported higher-than-expected earnings last week due to increasing interest rates, yet layoffs still occur.

However, since the 2008 financial crisis, last month was one of the most chaotic in global banking.

The US bankruptcy of Silicon Valley Bank and HSBC’s subsequent rescue buyout of its UK affiliate highlighted the challenges created by swift central bank rate increases.

The most significant deal affecting the global economy was the emergency takeover of Credit Suisse by its competitor UBS. The meltdown in the banking industry 15 years ago has raised concerns about the possibility of another systemic disaster, which people like Bank of England governor Andrew Bailey have tried to allay.

A Barclays spokesman refrained from commenting.

- Published By Team Timeswire

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