Barclays is reportedly set to lay off a hundred employees in its investment banking group due to a significant slowdown in the industry.
Bloomberg reports that interviews with affected employees are expected to begin this week.
This is not the first round of cuts in the division, as 200 people were let go in November 2022.
The reduction in workforce is attributed to deteriorating financial results, with investment banking fees declining by over 50% in one year, dropping to $594 million in the last quarter of 2022.
Barclays employed around 90,000 people at the end of last year.