BarCap to make 200 redundancies

Although the investment bank – which employs around 5,700 staff worldwide – declined to comment, it is thought that the losses will be largely drawn from a variety of back office and technology functions in the derivatives and fixed income business. A formal announcement is expected following the completion of a consultation period with staff.

The news comes in the wake of last month’s pre-close briefing by BarCap parent company Barclays, in which the bank reported a flat net revenue in the nine months to September 30 2002 versus the corresponding period one year earlier.

BarCap’s flat net revenue – attributed to turbulence in its target corporate market – was to some extent offset by income performance. Fees and commissions grew during the period, while costs remained even, Barclays added.