LONDON, March 21 — Barclays is preparing to axe hundreds of jobs across its investment bank as it runs the rule over under-performers in the division, two sources familiar with the matter told Reuters.

The layoffs are a result of Barclays’ annual review process and are expected to take place in the coming months, the sources said.

The cuts come after a torrid year for dealmaking for the wider banking industry and as Barclays pursues a revamped strategy that prioritises expansion of its higher-returning consumer bank.

"We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” Barclays said in a statement.

Bloomberg News first reported the planned cuts.

The bank slashed its workforce by around 5,000 jobs in 2023 as part of an ongoing major cost-cutting drive. — Reuters