Barclays PLC (LSE:BARC) is prepping to cut hundreds of jobs from its investment banking arm as it starts on its recently announced turnaround plan to cut costs and grow profits.
Workers affected will also include those in the global markets and research divisions, as part of an annual review process, and will take place in the coming months.
"We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients," Barclays said in a statement.
In February, Barclays launched new cost-cutting measures to enact £2 billion in annual savings, with 17,000 jobs expected to go as a result.
Analysts at research house Third Bridge estimated a 20% reduction in headcount would be required to achieve the figure touted. The high street lender currently employs around 85,000 people.