Barclays is cutting hundreds of jobs as problems spread across Wall Street

Two sources familiar with the matter told Reuters that Barclays is drawing up plans to cut hundreds of jobs as the bank cuts costs while embarking on a broader strategy review.

The British bank could cut up to 400 jobs in its domestic retail banking business, one of the sources said, but added that the figures were not yet final.

The second source said the bank was planning cuts in investment banking, which were part of the bank’s annual assessment of performance, and that the two rounds of cuts were unrelated. She added that some retail employees could be reassigned or voluntarily laid off.

A Barclays spokesman said: “We do not comment on speculation. We regularly review our operations to ensure we are meeting the changing needs of our customers and clients efficiently and effectively.”

Bloomberg previously reported On Friday, the bank said it was considering the loss of hundreds of jobs.

Separately, Barclays CEO CS Venkatakrishnan is embarking on a broader strategy review as some investors are unhappy about the bank’s poorer performance compared to Wall Street investment banks.

Barclays’ Wall Street rivals have also cut jobs this year as investment banking revenue takes a long time to recover.

Morgan Stanley cut 3,000 jobs in the second quarter and Goldman Sachs this year reinstated performance reviews that typically lead to the firing of the worst performers.

Citigroup said it cut 1,600 jobs in the second quarter.