Employment Law

Barclays Layoffs: Hundreds of investment banking jobs to be cut

A photo of a person working at a desk covered in multiple items. (Photo: charlesdeluvio / Unsplash)

What’s happening at Barclays?

Barclays is reportedly planning to eliminate hundreds of jobs across its investment banking division.

Sources told news outlets, including Reuters, that the layoffs are part of the company’s annual review process.

“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.

The latest reduction, which is expected to take place in the coming months, comes after the company slashed approximately 5,000 jobs in 2023.

Barclays laying off 450 in U.K., possibly 5% of global trading division
Citigroup to eliminate 20,000 workers over the ‘medium-term’
Fidelity International laying off 1,000 workers, part of cost-cutting plan

Impact on Canadian staff

It remains unclear if any Canadian employees at Barclays will be let go.

According to the company’s LinkedIn page, it has more than 200 workers in the country.

Termination agreements for staff at Barclays Canada

In Canada, non-unionized employees at Barclays are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

Severance pay for banking sector employees
Rights to severance for federally regulated workers
Severance packages for provincially regulated employees

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Major layoffs continue

Reports of a workforce reduction at Barclays come amid a flurry of layoffs in 2024.

Big names, including Unilever, IBM, TC Energy, Electronic Arts, Rivian, Sony, Vice Media, BuzzFeed, Nike, Cisco, Catalent, CascadesBlackBerry, PayPal, UPS, and Microsoft have pulled out the axe as they continue to navigate challenging economic conditions.

Shell to lay off 20% of deals division, part of restructuring
Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

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