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Barclays Capital announce several hundred redundancies

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by Kay Mitchell

Barclays Capital, the investment division of banking giant Barclays, is to slash around 400 back-office jobs in the US, Europe and Asia, a source familiar with the matter has said.

The job losses come following Barclays’ expansion of its investment-banking unit, driven by the bank’s purchase of Lehman Brothers North America operations at the height of the financial crisis in September 2008.

Meanwhile a spokesperson for Barclays Capital, confirmed a consultation period with staff had commenced on some infrastructure functions “which will result in some job losses.”

Revenues fell 15% in the second quarter compared with the first quarter at Barclays Capital and its cost-to-net-income ratio grew from 57% in the first quarter to 69% in the second.

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News posted: August 11, 2010

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