22/01/2013 17:23:00

Barclays Puts UK Investment Banking Staff on Notice for Job Cuts

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By Margot Patrick

LONDON--Barclays PLC (BCS) Tuesday put its U.K. investment banking staff on notice for potential job cuts as it prepares to restructure the bank to adapt to new regulations and a tougher business climate.

A spokesman said the bank has begun a process of consultation on potential job cuts with all 9,000 of its U.K. investment-banking employees, as part of a formal review of the entire group being conducted by Chief Executive Antony Jenkins. Mr. Jenkins is to present the results of the review and a restructuring plan on Feb. 12.

People familiar with the bank's plans previously said as many as 2,000 of 23,000 global investment banking jobs may be eliminated as part of a broad revamping of the company. Hundreds of jobs may be cut in the U.K., a person familiar with the matter said Tuesday.

U.K. employment law requires companies to conduct a 90-day consultation process when more than 100 jobs are at risk.

"This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the Transform review of Barclays business, the outcomes of which will be announced on Feb. 12," a spokesman said. "Transform is explicitly intended to optimize the entire Barclays business and to accelerate our already strong performance. The changes planned for the investment bank are wholly consistent with that intent."

Barclays' potential shrinking of the division comes as other large banks also pull back from business lines and activities that are less profitable under coming international rules requiring banks to hold more regulatory capital. The U.K. has also drafted new legislation that will force banks to separate their investment banking and retail arms into separate entities, in an effort to avoid future state bail-outs of the sector.

Mr. Jenkins took over the top job in August, replacing former chief executive Bob Diamond, who resigned after the bank acknowledged that some of its employees had tried to manipulate interest rates.

Write to Margot Patrick at margot.patrick@dowjones.com

Subscribe to WSJ: https://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

January 22, 2013 12:23 ET (17:23 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

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