Bloomberg reported that Barclays may remove roughly 200 roles from its investment bank, including positions in New York, as the British lender advances a wider cost-reduction program.
Citing people familiar with the matter, Bloomberg said the reductions could start as soon as Nov. 17 and affect employees at several seniority levels, mainly in New York and London. Barclays has not confirmed the reported number, location mix or timing. A spokesperson declined to comment, Bloomberg said.
eFinancialCareers separately reported that some investment-bank reductions took place in New York on Nov. 12, with additional cuts expected in London the following week. The outlet said the coming changes could reach more senior employees worldwide.
Bloomberg characterized the reported 200 roles as additional to Barclays’ broader workforce reduction. The bank’s public materials set out a companywide goal but do not name the reported positions.
In its Oct. 22 results-call speech, Barclays said structural cost actions during 2026 were expected to reduce full-time employees by about 5,000, or roughly 5%, subject to consultation. Barclays Group Finance Director Anna Cross said about 60% of the actions related to support functions, including fewer developer positions as AI use boosts productivity. The bank said its wider technology-led effort is intended to create capacity for investment.
Barclays’ third-quarter announcement put group structural cost actions at £201 million and outlined about £300 million more for the fourth quarter. Investment Bank income rose 1% year over year in the quarter while costs increased 4%; the announcement did not tie those figures to the reported job cuts.
The bank has also said it expects more than £1.1 billion in gross efficiency savings in 2027 as part of its broader cost program. EconoTimes has covered Barclays’ wider workforce-reduction plan.
Barclays said it would discuss its cost profile in more detail at its full-year results in February 2027.
