The Financial Times is reporting that Barclays is planning cuts thousands of investment banking jobs.
According to the FT, the cuts will come as part of an overhaul of the firm’s investment bank.
The FT is calling it a “radical overhaul.”
That plan is expected to be revealed before the summer, the report said.
Barclays and its investors recently clashed over the decision to increase bonus pay for its bankers.
Barclays’ CEO Antony Jenkins, who did not accept a bonus for last year, explained to the Telegraph last week that they increased the bonus pay in a move to retain talent. He said if they didn’t the bank would face a “death spiral” as employees and clients would go elsewhere.