Hundreds of investment banking staff at Barclays Bank are facing the prospect of losing their jobs following an operational review by the provider's new chief executive, Antony Jenkins.
UK-based staff were informed that a "process of consultation" had begun yesterday, as the bank reviews its operations in light of a number of scandals which have tarnished its name recently.
Barclays was hit with a record £290 million fine by the Financial Services Authority (FSA) and regulators in the US last July, for attempting to manipulate Libor rates.
It is not known how many jobs are under threat, although the bank confirmed that further details on the matter would be released in February.
A Barclays spokesman said: "We have begun a process of consultation with UK-based employees.
"This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the review of Barclays' business."
Around 9,000 staff are currently employed in Barclays' investment banking division in the UK.
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