Barclays will slash roughly 100 jobs in its investment banking division.

As the dealmaking and capital-markets businesses continue to weaken, Barclays will slash roughly 100 jobs in its investment banking division.  

The employment cuts come as many banks are under pressure from sluggish transactions and increasing interest rates. Investment banking fees at Barclays fell almost 50% year on year to £480 million in the fourth quarter, mirroring the experience of many of its rivals.

In November, the London-based lender slashed about 200 employees from the same division, accounting for less than 3% of the unit's worldwide employment. According to its annual report, Barclays employed almost 90,000 workers by the end of 2022.

According to one of the individuals that is familiar with the matter, Barclays is dedicated to continuing to expand and invest in the business and is still hiring throughout the division, which has 365 available positions.

Banks have been struggling as recessionary worries interfere with transactions. But will they respond fast, or will economic concerns sting even more?

(bloomberg.com, skynews.com)