Barclays to cull hundreds of investment banking jobs

Barclays is preparing to cull hundreds of jobs within its investment banking division.

Around 1,700 jobs were shed within the arm last year and more are expected to follow.

In March 2013, Barclays chief executive Antony Jenkins hinted at 40,000 job losses in the coming years in order to prioritise price cutting. 

Following this, Barclays Wealth & Investment cut 100 private banking jobs in November 2013 as it looked to streamline its wealth management service. 

Sky News also reports that a travel ban has been placed upon employees’ movements. Jenkins is said to have authorised the ban.

Under the ban, executives have been restricted from international travel only for “essential” discussions with clients and regulators.

Barclays declined to comment.