Barclays PLC (LSE:BARC) is set to lay off 50 senior investment bankers as part of cuts affecting hundreds of roles across its global business.
A total of 300 roles are set to face the axe, according to Reuters, of which a large proportion will be those of senior dealmakers, others report.
Cuts come as part of an annual review that covers trading and research at the bank, which has suffered alongside peers from a slowdown of dealmaking this year.
Barclays penned a 22% drop in revenue to £3.2 billion from its corporate and investment bank over the second quarter, while just £130 million came from merger and acquisition activity—down 45% on last year.
Restructuring is also set to affect some roles at Citigroup Inc (NYSE:C), with reports on Thursday suggesting cuts will be made in November, potentially stretching to some 250 jobs in the UK.
Goldman Sachs (NYSE:GS) previously pointed to reductions in September meanwhile, with many investment banks also cutting back on graduate recruitment.