23rd Apr 2014 08:35
LONDON (Alliance News) - British lender Barclays PLC may have to eliminate 7,500 jobs at its investment bank to improve returns at its securities unit, Bloomberg said quoting a report by Sanford C. Bernstein.
The European fixed-income, currencies and commodities business, or FICC, may be the hardest hit with about 5,000 job losses, Bloomberg reported citing analysts note. Cuts of 6,500 to 7,500 equate to about 25% to 30% of the unit's employees.
The report suggested that the company should eliminate managing directors first, followed by more junior positions.
Copyright RTT News/dpa-AFX
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