Barclays is cutting about 2,100 jobs worldwide in investment banking and money management as it cuts cost to cope with fall-out from the credit crisis.
The move comes as analysts estimate that Europe’s biggest banks will have to reduce staff still further to generate attractive returns after the death of businesses that fuelled profits in recent years.
Barclays, which expanded its investment banking operations headed by Bob Diamond with the purchase of Lehman Brothers’ US operations last year and hiring the collapsed bank’s European staff, declined to reveal where the job cuts would come.
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