Barclays Capital 'to cut several hundred jobs'

11 August 2010

Barclays Capital is reportedly looking to cut several hundred jobs as part of cost-cutting measures.

An insider told the Wall Street Journal that the roles to go at the investment banking arm of Barclays will mainly be back office support jobs.

Barclays Capital saw its revenue fall by 15 per cent in the second quarter of 2010 compared to the first three months of the year, while its cost to net income ratio went up from 57 per cent to 69 per cent.

The source said that the back office cuts are routine and that Barclays Capital will still be looking to hire staff in areas like equities through the rest of the year.

Last month, Antony Jenkins, head of global retail banking at Barclays, told Bloomberg that the bank is concentrating on improving its profit levels from its European businesses based outside Britain.

"The strategy for the Barclays group has been to deliver increasing profit from outside the UK and that has been the strategy for a number of years," he said.

By Tony Aynsley

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