2,100 to be axed as Barclays joins City jobs cull

Barclays bank has announced it will slash 2,000 more jobs despite cutting a similar amount on Tuesday.

The bank announced it would cut over 7% of staff in its investment banking and investment management departments “to ensure we are properly sized given current market conditions” on Tuesday, with a headcount reduction of 2100.

Today’s announcement that staff in the retail and commercial banking departments takes the total job losses this week to more than 4,000, of a total UK workforce of 69,990 employees.

Yesterday, Merrill Lynch revealed it was axeing 1,900 staff following a $50bn takeover by Bank of America.

Staff were told the bank was looking to reduce headcount by 30%, with many asked to reapply for their jobs.

The redundancies are expected to be completed by March.

Swiss bank UBS is also expected to announce 2,000 redundancies when it unveils a £4.9bn fourth-quarter loss in the coming weeks.

Almost 30,000 jobs were cut in the City last year according to the Centre for Economic and Business Research, which anticipates that another 35,000 jobs will go in 2009.

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