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As Barclays job fears mount, cuts are happening here already

Barclays is under pressure to increase returns and cut costs. While the British bank has promised to unveil its strategy for achieving unprecedented 13-14% returns in the investment bank when it announces fourth quarter results in February, it's already trimming headcount in some offices. 

Barclays isn't commenting but sources say cuts have happened this week. There are thought to be a few in Hong Kong and Paris, and a lot in India. 

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Employees at the bank's campus in Pune say they seem to have been particularly hard hit. Invitations for meetings with directors are understood to have gone out on Wednesday. Developers at the Pune campus say they're being let go, as are digital transformation staff who were hired in abundance in recent years. 

Barclays' Pune campus opened in 2019 and is the bank's single biggest office outside London. Barclays has 19,000 employees in India and around 9,000 are located in Pune.

While Barclays' restructuring plan has not been finalised yet, Bloomberg reported this week that the bank plans to cut 900 jobs in the back office. Pune falls into this category.

In London, some Barclays traders say they're confident they'll be fine and that most of the cuts will be at the retail bank.

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AUTHORSarah Butcher Global Editor

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