Barclays could cut 7,500 jobs across FICC trading desks

[Grandluxe]

Barclays May Cut 7,500 at Investment Bank, Bernstein Says
By Ambereen Choudhury Apr 23, 2014 4:17 AM GMT-0400

Barclays Plc (BARC), the U.K.’s second-largest bank by assets, could eliminate 7,500 jobs at its investment bank to improve returns at its securities unit, according to a report by Sanford C. Bernstein.

The European fixed-income, currencies and commodities business, or FICC, may be the hardest hit, with about 5,000 job losses, analysts led by Chirantan Barua said in a note yesterday. Cuts of 6,500 to 7,500 equate to between 25 percent and 30 percent of the unit’s employees, the report estimated. London-based Barclays should eliminate managing directors first, followed by more junior positions, Barua said.

The bank said yesterday it will withdraw from most of its global commodities activities, joining JPMorgan Chase & Co. (JPM) and Morgan Stanley in cutting back as revenue falls.

“It has to be cross-sectors, trading desks not only commodities, as the very risk-taking nature of the business has fundamentally changed and is not reflected in people stacks.”

http://www.bloomberg.com/news/2014-...-7-500-at-investment-bank-bernstein-says.html

What jobs are available for those laid off?

 

[smallStops]

Surely, they have had mega bonuses in the past, and are highly skilled to find another well-paid job. Surely they'll do fine.

 

[ballsofgold]

Surely, they have had mega bonuses in the past, and are highly skilled to find another well-paid job. Surely they'll do fine.

Not everyone got mega bonuses but lets assume on avg they made well above the national avg. At the end of the day its not about what you make its about what you keep. most of these people will never see big money again so the process of bringing down your cost of living is never easy.

There are plenty of ex bankers who have problems finding work..these are tough times my friend