The lender is planning to dismiss about 5% of client-facing staff in the trading division as well as some dealmakers globally as part of the cuts, according to people familiar with the matter. Separately, the firm is also preparing to restructure teams within its UK consumer-banking unit, the people said, asking not to be named discussing personnel information.
The moves are part of the bank’s annual culling of underperformers in its markets division and corporate and investment bank, the people said. Goldman Sachs Group Inc. is also planning to begin those annual cuts as soon as next month.Barclays and its rivals have been contending with a slowdown in trading revenue compared to a year ago, when Russia’s invasion of Ukraine juiced volatility across markets.
“When you do that kind of organizational change, sometimes it has impacts,” Venkatakrishnan said in a Bloomberg Television interview in June. “We’re losing a few investment bankers, but not that much more than what is normal annual turnover.”