According to a Reuters report, Barclays is planning to cut hundreds of jobs across its trading and investment bank divisions.
British lending group is planning to remove about 5% of client-facing staff in the trading division along with some dealmakers globally, as well as restructure teams within its UK consumer-banking unit.
A Barclays spokesperson said, “We do not comment on speculation.”
“We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way”, the spokesperson added.
It is expected that Barclays will lay off nearly 400 jobs. However, the numbers are not exact and they may vary.
Goldman Sachs plans a fresh round of job cuts for underperformers
An American multinational investment bank and financial services company, Goldman Sachs is planning for another round of job cuts for employees who are underperformers.
It is expected that 1% and 5% of company-wide employees may be sacked in the fresh found of layoffs.
In January, Goldman Sachs reduced its workforce by approximately 3,200 employees, equivalent to 6.5 per cent of its total workforce.
Founded in 1869, Goldman Sachs is a leading global investment banking, securities, and investment management firm. Headquartered in New York, the company maintains offices in all major financial centers around the world.
A layoff or downsizing is the temporary suspension or permanent termination of employment of an employee. This leads to an impact on the sacked employees.
The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
So far in 2023, there have been 1,522 layoffs at tech companies with 350,103 people impacted (1,389 people per day). In 2022, there were 1,557 layoffs at tech companies with 243,318 people impacted (667 people per day).
|Month Of Layoffs/2023||Number of Laid-ff employees|
|Total Layoffs in 2023||341,544|