The New York Post reports that Barclays is poised to cut as much as 10% of its global workforce next month as part of a broader shakeup.
New CEO Anthony Jenkins will outline his plan on February 12th when the bank delivers its fourth-quarter results. The job cuts will range between 5% and 10%, and will be concentrated in ancillary areas in Europe and Asia, sources said.
Along with layoffs, the expectation is that Barclays will exit some businesses in its investment-banking arm to streamline operations and appease regulators.
In the meantime, Bloomberg reports that Morgan Stanley, which is slashing 1,600 jobs from its investment bank and support staff, said 360 cuts are coming from its New York City offices.
The cuts will affect the bank’s 1585 Broadway headquarters, as well as Manhattan offices at 1 New York Plaza, 1221 Avenue of the Americas, 750 Seventh Ave. and 1633 Broadway.
And Bloomberg also reports that Banco Bilbao Vizcaya Argentaria SA, Spain’s second-biggest bank, has eliminated 24 banking jobs from its New York office and has offered to transfer 40 others to Houston, the lender said earlier this week.
BBVA is cutting its investment banking workforce in New York, a spokeswoman for the bank said, asking not to be named in line with company policy. The bankers let go included members of its mergers and acquisitions team, said four other people, who asked not to be named as they were not authorized to speak to the media.
Finally, Germany's Commerzbank will likely propose cutting around 6,000 jobs in Germany, or about 18% of the workforce, when starting negotiations with labor representatives next month, three people familiar with the matter told The Wall Street Journal Thursday.
One person said the proposal, which will be the starting point for the talks, is for cutting between 6,000 and 6,500 jobs, while two other people said a range between 5,000 and 6,000 was likely proposed.
Commerzbank To Propose Cutting Around 6,000 Jobs in Germany - Sources (subscriber content)
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