Barclays is about to unveil a big overhaul of its investment bank


Jes Staley

REUTERS/Yuri Gripas

Barclays is set to unveil a reorganization of its investment bank in the coming days, according to people familiar with the matter.


The changes will be the first since former JPMorgan executive Jes Staley took over as chief executive.

Bloomberg reported earlier on Wednesday that the bank would cut bonuses and shed staff.

The Financial Times subsequently reported that Barclays would cut 1,000 jobs across the investment bank.

The bank is expected to cut back in Asia and other emerging markets, and focus on the UK and the US, what it considers to be its two home markets.


The Wall Street Journal reported earlier this week that Barclays is looking to sale some of its 62% stake in Barclays Africa Group.

The job cuts at Barclays extend a tough run for Europe's banks. Deutsche Bank on Wednesday announced preliminary fourth-quarter earnings, saying it would report a full year net loss of 6.7 billion euros ($7.3 billion).

Credit Suisse has also announced cuts to some trading businesses.

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