Picture: LUKE MACGREGOR/BLOOMBERG
Picture: LUKE MACGREGOR/BLOOMBERG

Barclays is embarking on a plan to cut about 100 senior jobs across its corporate and investment bank, mostly in trading, as the British lender seeks to rein in costs.

The bank has started trimming mainly MD and director positions in London and Asian financial hubs, according to people familiar with the matter, who asked not to be identified as the details are not public.

A spokesperson for Barclays in London declined to comment on the cuts, which are among the first to be implemented by a major investment bank in 2020.

In 2019, several European lenders reshaped their securities units, eliminating thousands of roles amid increasing competition from US peers and a lacklustre home market.

The bank reports its full-year results in February. Barclays CEO Jes Staley has clamped down on expenses as he seeks to reach profitability targets. In 2019, he said Barclays cut 3,000 jobs in the second quarter.

In the bank’s 2018 annual report, Barclays said global headcount was more than 83,000.  Banks announced almost 80,000 job cuts in 2019, the most since 2015, with the vast majority of that sum in Europe.

Societe Generale and Deutsche Bank are among other European lenders that have recently cut headcount.

With Donal Griffin and Anto Antony.

Bloomberg