Barclays has reported lower earnings and cut its profitability forecasts due to a slowdown in its investment banking division and a rise in bad debts. As a result, the bank is considering cost-cutting measures. The profits for the third quarter fell by 4% to £1.9 billion.
Last week, former CEO Jes Staley was fined £1.8 million and banned from holding senior roles in the financial industry for failing to disclose his relationship with Jeffrey Epstein.
Barclays' new CEO, CS Venkatakrishnan, is now looking to reduce costs, and more details about the cost-cutting plan are expected in February. This move has raised concerns of potential job cuts in the wider financial industry, particularly in investment banking.