Barclays and Citigroup are set to cut jobs from their investment bank divisions, people familiar with the cuts told Bloomberg on Wednesday. These cuts follow follow a spate of similar layoffs across other big banks.
Barclays will cut several hundred staffers from its global markets, research, and investment banking divisions, Bloomberg reports. The layoffs will be part of the bank’s annual trimming of low performers and could occur over the coming months.
Barclays did not immediately respond to a request for comment, however, it told Bloomberg in a statement that it regularly reviews its talent pool to “ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients.” The bank added that it has not finalized numbers for its review this year.
Over at Citigroup, the bank is cutting about 20 jobs from its investment banking division in London, Bloomberg reports. The majority of these layoffs will affect junior staffers, sources familiar with the situation told the outlet.
Citigroup’s cuts come as its CEO Jane Fraser is spearheading a major restructuring of the bank. Fraser told investors in January that reorganization will result in the firm trimming its headcount by 10% or 20,000 jobs over the the “medium term.”
Citigroup declined to comment.
Job cuts at the big banks
The layoffs hitting several big banks come as they try to reduce costs during a slump of global dealmaking stemming from central banks hiking interest rates.
According to Bloomberg, the global dealmaking volume is down roughly 17% this quarter, compared with the same period in 2019.
Last year, Wells Fargo, Citigroup, and Bank of America collectively cut 17,700 jobs.
Goldman Sachs and JPMorgan Chase also cut hundreds of jobs in the fourth quarter.
