Barclays begins culling 3% of its dealmakers-sources
By Milana Vinn and Anirban Sen
NEW YORK (Reuters) — Barclays Plc initiated layoffs this week targeting 3% of its global investment banking workforce, people familiar with the matter said on Wednesday, as it attempts to streamline its franchise after a tumultuous year.
The terminations are part of a an annual review that also spans trading and research, the sources said. Overall, up to 300 employees may lose their positions in this round of layoffs across the bank, the sources added.
In the technology investment banking team in San Francisco, three senior bankers and one junior banker were notified on Tuesday they were being let go, the sources said.
The sources requested anonymity because the matter is confidential. Barclays declined to comment.
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