Barclays Cuts Dozens of Investment Banking Jobs

Barclays seeks to cut 100 mainly senior jobs in its investment banking arm including dozens of roles in Asia.

The British lender will mostly cut managing director and director positions based in London and Asian financial hubs with a primary focus on trading roles, according to a report citing anonymous sources. The cuts are already underway and the report named the departures of Jonathan Kitei, Americas head of securitized product sales; Tim Johnston, EMEA head of cash high-touch trading and sales; and Anindya Das Gupta, India head of treasury.

Whilst the cuts would impact dozens of positions in Asia, it will not result in an exit of any business line or market in the region, one of the sources said.

Global banks continue to pare down costs with the broader industry having announced nearly 80,000 job cuts last year – a record high since 2015. At Barclays where headcount totaled 83,000 in 2018, the bank said it had cut 3,000 jobs in the second quarter last year. More headwinds can be expected with Barclays chief executive Jes Staley saying in October that the 2020 outlook would be «unquestionably more challenging now than it appeared a year ago.