London: Barclays Capital, the securities unit of Barclays, has cut about 200 jobs following an internal review, a person familiar with the matter said.
The cuts hit investment bankers and support staff in the UK, said the person, who declined to be identified.
The decision follows a review started last year, people with knowledge of the plan said.
The bank plans to cut between 500 and 600 jobs globally in the division, another person briefed on the decision said.
Seeking lower costs
British financial services companies will shed an estimated 45,000 jobs in the six months from September to March as they seek to lower costs, the Confederation of British Industry said this month.
Barclays Capital added about 2,000 people in Europe and Asia last year in an expansion of its mergers advisory and equities division, taking the global headcount to about 25,000.
This month's reduction follows the investment bank's decision to remove 300 jobs across its decision administrative and support functions in August. Fewer than 100 of the global job cuts will come from Asia, said a person with knowledge of the matter.
Barclays Capital employs about 5,800 people in the Asia-Pacific region.
Barclays Chief Executive Officer Robert Diamond told British parliamentarians yesterday that he was proud of the success of the securities unit, which he headed until last year.
Diamond, 59, also said it was time for banks to stop apologising for the financial crisis and to start rebuilding confidence.
Hiring halted
Morgan Stanley last year halted hiring at its investment banking unit, while Bank of America Corporation said it was firing as many as 400 employees in its global banking and markets division.
- 100: maximum number of jobs Barclays to cut in Asia
- 400: Bank of America jobs to go in global banking
