Bloomberg: Barclay's to shed another 12,000 jobs
Barclay's is shedding 12,000 jobs, from MD to analyst (220 Managing Director's and 600 Directors to be exact). This article doesn't mention the LIBOR rigging scandal, but it does mention pending litigation, and regulatory penalties very briefly. After Bob Diamond was forced out because of it, I assumed it would carry some weight.
Is this just about a bloated, inefficient UK investment bank, or is this a bad sign for US investment banks, especially the BB's with more international exposure? Where does everyone think the IB business is heading over the next couple of years?
*I can't post a link to the article because I'm a new user, but the one I'm referring to is on Bloomberg's site, entitled "Barclays Cuts Up to 12,000 Jobs as Quarterly Profit Falls."