London, September 10: British multinational investment firm Barclays is reportedly planning to lay off hundreds of employees, likely next week, in order to reduce costs. The UK banking giant may cut as many as 400 jobs in its domestic retail business. Bloomberg reported, citing people close to the matter, that the bank is planning to reduce nearly 5 per cent of “client-facing staff in the trading division as well as some dealmakers globally.”

Barclays is also reportedly preparing to restructure teams within its UK consumer-banking unit. A Barclays spokesperson said in a statement that they "do not comment on speculation". Layoffs Continue in IT Sector: Tech Companies Lay Off 226,000 Employees to Date, 40% More Than in 2022, Says Report.

“We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way,” the

spokesperson was quoted as saying. Earlier, top global brokerage firm Morgan Stanley laid off nearly 3,000 jobs in its second round of job cuts this year amid a continuing global meltdown. In December 2022, the global investment advisory firm cut about 2 per cent of its global workforce, or about 1,600 employees. Layoffs Continue in US! Cybersecurity Firm SecureWorks to Lay Off 15% of Its Workforce in Second Round of Job Cuts.

Morgan Stanley followed rival Goldman Sachs and other investment firms including Citigroup and Barclays in reducing their workforce. Goldman Sachs eliminated about 3,200 jobs in January in one of its biggest cuts ever.

(The above story first appeared on LatestLY on Sep 10, 2023 11:55 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).