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BarCap said to cut 600 jobs

13 January 2011  |  10127 views  |  0 people

Barclays Capital is planning to axe around 600 jobs this week, including back office positions, according to press reports.

Around 200 jobs will go in the UK, with the rest affecting staff in the US and Asia.

The losses amount to about 2.5% of BarCap's workforce and are the result of a consultation period initiated in December.

They come on top of 400 back office cuts around the world carried out in August because of a general market slowdown.

Yesterday Bob Diamond, now Barclays CEO, told MPs he was proud of Barcap, the unit he led until last year. The controversial banker also claimed the time for "remorse and apology" for his industry should now be over.

Barcalys Capital has not responded to a request for comment.

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