What's happening at Barclays?

Barclay's hasn't been performing well

Which divisions are they cutting in NY/London? IBD or S&T? Any specifics?

They are only cutting non core assets and S&T roles in the I-Bank. You only have to be worried if your group sucks.

Just executing on what they had announced I suppose. Focusing on core strengths and cutting areas that don't make money/aren't competitive such as Asia. Wouldn't consider that a surprise or something to be worried about

They're doing what nearly every IB is doing: going down the list of IBD groups, S&T desks, etc. and looking at ROE and market share for each one. If either one is insufficient, there will be cuts. Banks, especially in S&T, are moving to become more lean and focused on core strengths rather than being a "jack of all trades"

S&T is being cut everywhere. Even at GS, where they are trying to stick behind it more than any other BB, they are cutting an extra 5-10% of their S&T staff.

Had a friend at Barclays. She left for JPM as soon as she could. A lot of her coworkers scattered.

Any thoughts on Barclaycard? Their CC business still seems to be doing well.

Technology finally eating at everyone's bottom line. Maybe being able to hit the bid on 5,000,000 AAPL in milliseconds and without any humans is not really the best way to sustain yourself long term.