RTR: Barclays cuts investment banking jobs as deals languish

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REUTERS reports:

Barclays Plc (BARC.L) has cut its workforce in corporate and investment banking (CIB), according to a person familiar with the matter, joining rivals who also took similar steps to rein in costs as deals plunged from records set last year.

Investment bankers were awash with deals in 2021, but have seen few this year as companies halt buyouts and listings amid volatility in the capital markets, tensions between the United States and China, and the Russia-Ukraine war.

As a result, premier banks including Goldman Sachs Group (GS.N) and Deutsche bank (DBKGn.DE) felt compelled to cut their workforce in mergers and acquisitions (M&A).

Citigroup Inc (C.N) also eliminated dozens of jobs across its investment banking division, Bloomberg News reported on Tuesday. The cuts at Barclays account for less than 3% of their headcount in investment banking…

The full story can be read here.