[credit provider=”Wikimedia Commons/Zantastik” url=”http://en.wikipedia.org/wiki/File:Sliced-cubed_Mango_01.jpg”]
The Wall Street Journal’s David Enrich and Dana Cimilluca report that Barclays is considering axing up to 2,000 investment banking jobs as part of its restructuring effort known as “Project Mango.”From the Wall Street Journal:
Rich Ricci, who runs Barclays’s investment bank, is leading a review of that division. The review—nicknamed “Project Mango” after an Indian client sent Mr. Ricci a box of mangos to commiserate following Mr. Diamond’s sudden departure—has divided the sprawling investment bank into 54 different subgroups, with Mr. Ricci’s team hunting for areas to shrink or eliminate.
Executives have concluded that the bank can afford to shrink in some areas and should scale back in others for reputational reasons, according to people familiar with the process.
According to the Journal, there could be between 1,000 and 2,000 cuts in i-banking mostly in Europe and Asia.
[Hat Tip: Dealbreaker’s Bess Levin]