Barclays Hires McKinsey to Identify Savings in Investment Bank

Barclays Plc has hired McKinsey & Co. to help simplify its investment bank and identify hundreds of millions of dollars in potential savings, according to people familiar with the matter.

Consultants are examining the front office, finance, risk and technology divisions, according to the people, who asked not to be named discussing non-public information. They’re focused on duplication of work and whether tasks can be further automated, the people said.