Investment banking revenues may be recovering, but banks' cost-cutting days are never done. And as banks cast about for costs to remove in a world where deals are recovering, guess who's in the firing line? Not people in the front office.
Barclays is cutting £2bn from its costs between now and 2026, of which £188m is supposed to be coming from cuts to the headcount in its investment bank. In yesterday's second quarter results, Barclays revealed that it's only cut $400m of the $2bn so far and that it plans to cut another $600m this year. If similar progress has been made in terms of headcount cost savings, £150m of savings are still to come.
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