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Barclays Capital To Slash Hundreds Of Jobs

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rumours have been around for these & similar cuts for some time..... more a lot more to follow

lets start with 400 cuts for today

Jobless recoverah continues

Barclays Capital to slash hundreds of jobs

Jim Armitage


Barclays today started a process of axing about 400 staff in its investment banking unit.

Notices went out to Barclays Capital back office staff in London, the US and Asia, starting a formal consultation process.

Rumours of a much bigger jobs cut, of perhaps as much as 7%, have been doing the rounds in recent days, so today's news was likely to have been something of a relief to some.

Barclays Capital employs 25,000 staff around the world.

A spokesman said: “We have begun a consultation process to review some part of our infrastructure functions which will result in some job losses.

“We continue to hire selectively across those parts of our business that are growing.”

Those growth areas are particularly in equities and investment banking in Asia and Europe.

Bob Diamond, who runs Barclays Capital, said in an interview last week that market overhangs during the second quarter were “behind us now, and in the second half of July we definitely saw a pick-up in flows”.


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Article on Zero Hedge, similar to what I said earlier - this market is meaningless, it has nothign to do with investment - aprt from some funds fleeing the actions of the central banks in manipulatng the prices of the stck market and other asset prices. What happens when nobody wants to play or can play and there are only the computers left trading amongst themselves. Maybe we are about to find out. Just wait till the pension funds have to start paying out more. Long term going nowhere. All of these jobs could be done in Asia at a fraction ofthe price anyway, especially when you are only talking mechanical trading.

Another example of how the stimuls has backfired and merely reignited the forces that were so ruinous to the whole scam inthe first place.

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Back-office staff? That's not the same as the big-bonus casino traders, is it?

I have a friend who works at barcap. Earns more than I do - over £100k. But factor in the cost of working in London, and my provincial five-figure income is effectively better than his.

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  • 420 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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