Barclays eyes 2,000 job cuts in investment arm overhaul

Barclays is to cut up to 2,000 jobs from its investment arm as part of an overhaul of the business led by chief executive Antony Jenkins, according to reports.

The bank yesterday started a consultation process over the cuts, telling 10,000 London-based staff their jobs were at risk. It is set to inform staff in Europe, Asia and the US about further redundancies in the coming weeks, people close to the situation told the Financial Times.

Jenkins has been scrutinising the performance of the bank's divisions since his appointment as chief executive, and will unveil Barclays' new strategy alongside its annual results next month.

The FT also reported that UBS, which is cutting 10,000 jobs worldwide, is consulting on 100 job cuts in its UK investment banking arm.