‘Barclays Capital to cut about 400 jobs’

Barclays Capital will cut about 400 jobs in back office functions in the United States,Europe and Asia.

Barclays Capital will cut about 400 jobs in back office functions in the United States,Europe and Asia,a person familiar with the matter said on Wednesday.

A spokesman for Barclays Capital,the investment bank arm of Britain’s Barclays Plc,confirmed it had begun a consultation period with staff in some infrastructure functions “which will result in some job losses”.

It will continue to hire selectively in parts of the business that are growing,he said.

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BarCap has grown aggressively in the last two years,using the purchase of the US operations of Lehman Brothers as a springboard to build a European and Asia equities and advisory business. It had about 25,500 staff at the end of June,up from 21,900 a year earlier.

Revenues at BarCap and other investment banks fell in the second quarter from the first quarter,and bank industry sources have said a quiet third quarter will result in job cuts across the industry.

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