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Have Barclays’ redundancies dried up ahead of results day?

Barclays redundancies

State of layoffs at Barclays' investment bank?

We’re just asking because…even though Barclays still has around 4,000 redundancies still to go in its investment bank, the UK Financial Conduct Authority (FCA) Register, filtered by information firm IMAS, shows next to no one leaving the investment bank in February.

In the past month, the FCA Register suggests three registered people have left the bank. They are: Craig Adamson, a former VP in risk management, Avgustina Sarkizova, a former index and portfolio risk solutions professional, and Ralf Nachitigall, a former vice chairman of EMEA ECM. Nachitgall has joined Rothschild, but Adamson and Sarkizova have yet to resurface in registered roles elsewhere.

Several conclusions can be drawn from the trickle of Barclays exits. It’s possible that Barclays has made all 7,000 of its redundancies already, although this seems unlikely. It’s possible that Barclays has decided not to make any job cuts until everyone has happily received their bonuses, although this seems unlikely. Or it’s possible that all the cuts Barclays is making are in the middle and back office and therefore concern people who are not registered with the FCA anyway. We suspect the latter is the reality.

Comments (2)

  1. Let’s not kid ourselves anymore (ie – customers)
    The bank should seriously close down all its business, local activities, international activities and operations as their credibility is since lost globally for good (since the time of Libor rigging 7 years ago).

  2. >>It’s possible that Barclays has made all 7,000 of its redundancies already, although this seems unlikely.

    So that it’s clear, Jenkins the CEO promised a 7k “gross” reduction in headcount, not net. Big difference. Thus, expect headcount to rise a bit due to hiring to support reg initiatives such as Dodd-Frank (Volcker, CCAR) and Basel III/IV, FRTB.

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