INDUSTRY NEWS

Offices in London hit by job cuts

Offices in London are again reeling from news of job cuts – Barclays has said more than 2,100 of its workers will have to go.

The bank has started a consultation period with staff and has yet to confirm the exact number expected to lose their jobs.

It has been reported 1,300 workers will go from Barclays Capital, 500 from Barclays Wealth and about 330 from Barclays Global Investors.

A spokesperson for the bank said commercial banking and Barclaycard would still be taking on staff. “We will continue to hire selectively across those parts of the business that are growing,” he said.

The bank’s deputy chairman, Sir Nigel Rudd, has resigned from his post after 13 years with the bank.

Marcus Agius, Barclays Chairman, said Sir Nigel “made a huge contribution to Barclays which has benefited from his enormous experience and wise counsel”.

The losses follow significant cuts at rival lender Merrill Lynch, now owned by Bank of America.
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