Proactive Investors - Barclays PLC (LON:BARC) is poised to cut investment banking roles over the next week after turmoil struck the global financial sector last month and stock market activity has slowed longer term.
Over 100 investment bankers will be given the axe, according to Sky, with the cuts spanning offices in several countries.
Barclays reportedly laid off 200 investment bankers in November but is now eyeing another round of cuts after the collapse of Silicon Valley Bank (SVB) sent ripples across global markets in March.
Despite relative calm being restored since and Barclay’s shares rebounding after slipping 15% last month, cuts come as stock market listings have taken a hit longer term.
The number of initial public offerings (IPOs) fell by 50% in 2022 to 1,671 globally, down from 3,260 a year earlier, as fears of recession loomed, according to S&P Global.
The IPOs raised US$179.73bn, compared to US$626.56 in 2021, with this slowdown continuing into 2023 through an 8% fall in listings in the first quarter.
Barclays is yet to confirm the cuts but would join Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) in axing roles to cut costs as global economic slowdown fears take hold.