Belfast Telegraph

Home News UK

Job risk at Barclays investment arm

Banking giant Barclays has told staff that jobs are at risk in its investment arm as part of its plans to transform the business.

Employees were informed a consultation process has been launched to identify potential redundancies in its investment banking business.

Barclays would not disclose how many jobs are at risk, but said more details would emerge when new chief executive Antony Jenkins unveils his transformation plan in February.

Mr Jenkins took the helm of the scandal-hit lender in August after his predecessor Bob Diamond resigned as the bank was fined £290 million by regulators in the UK and United States for attempting to manipulate the interbank lending rate Libor.

Barclays, which employs about 9,000 people at its investment bank in London, has come under heavy fire over its culture of focusing on short-term profits and bonuses, as well as its processes and controls that failed to prevent the scandal.

Last week Barclays' staff were told to sign up to an ethical code of conduct or quit, as part of the bank's crusade to repair its battered reputation.

In a memo sent to the bank's 140,000 employees worldwide, Mr Jenkins said performance would be judged on a set of ethical standards in an attempt to overhaul the culture in the wake of its Libor-rigging scandal.

A Barclays spokesman confirmed a consultation had been launched with UK-based employees.

He said: "This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the Transform review of Barclays business, the outcomes of which will be announced on February 12."

The bank's forthcoming bonus round will also come under particular scrutiny given last year's run of reputational blows, including mis-selling of payment protection insurance and interest rate swaps to small businesses.


From Belfast Telegraph