Bloomberg News

Barclays Capital Said to Eliminate Equities Sales, Trading Jobs

June 08, 2011

June 8 (Bloomberg) -- Barclays Capital, the investment- banking unit of London-based Barclays Plc, eliminated fewer than 50 jobs in its equities division worldwide, according to a person familiar with the matter.

The cuts affected employees in sales, trading and research, said the person, who requested anonymity because the plan isn’t public. The move, part of a mid-year performance assessment, wasn’t made because of declining revenue, the person said.

Barclays, the U.K.’s third-largest bank by assets, said in April that pretax profit at its investment bank fell 33 percent as revenue from fixed-income, currencies and commodities trading tumbled. Equities-trading revenue at global investment banks, including Barclays Capital, will drop an average of 12 percent in the second quarter, compared with the previous three-month period, according to an estimate yesterday by Kian Abouhossein, a JPMorgan Chase & Co. analyst.

Brandon Ashcraft, a spokesman at Barclays Capital in New York, declined to comment.

Dealbreaker.com reported the job cuts yesterday.

--Editors: Peter Eichenbaum, Dan Reichl

To contact the reporter on this story: Christine Harper in New York at charper@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net.


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