Barclays Said to Be Planning Job Cuts at Investment Bank

Barclays Plc (BARC), the U.K.’s second-largest bank by assets, plans to cut hundreds of jobs at its investment bank, according to a person with knowledge of the discussions.

The cuts will include directors and managing directors, said the person, who asked not to be identified because the matter is private. The London-based company employed about 24,000 people in its investment bank at the end of 2012.

Barclays Chief Executive Officer Antony Jenkins said in February he is seeking to remove 1.7 billion pounds ($2.8 billion) of annual expenses by 2015, eliminating 3,700 positions. The London-based lender in June said it would move 4,000 administrative jobs at its investment bank to lower-cost locations to reduce expenses.

Sky news reported the job cuts earlier today. A spokeswoman for Barclays declined to comment.

Separately, Lloyds Banking Group Plc (LLOY), the U.K.’s biggest mortgage lender, said today it’s cutting about 1,400 jobs in its consumer, risk, operations and corporate banking businesses. The reductions are part of the 15,000 job losses Chief Executive Officer Antonio Horta-Osorio announced in 2011.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net

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