Barclays Capital is to axe 275 employees at three offices in New York, it was revealed today.
The investment bank disclosed the plans to the Department of Labour, which posted the details on its website.
Barclays says the layoffs will take place during a 14-day period beginning May 15.
The company listed economic factors as the reason for the layoffs.
Yesterday, it filed a notice with the state that it was eliminating 275 staffers at its Manhattan offices at 200 Park Ave., 745 Seventh Ave. and 1301 Avenue of the Americas.
In October, Barclays PLC reported a net loss of £200 million (322 million dollars) for the third quarter.
The changes came as new CEO Anthony Jenkins prepares to unveil an overhaul of the British banking giant next Tuesday.
He is expected to provide more details on his revamp when the firm reports its fourth-quarter earnings on Feb. 12.
Last week Jenkins has told staff to sign up to its new caring, sharing values – or quit.
Jenkins, who is on a crusade to clean up the bank’s sullied reputation, warned there is ‘no place’ at Barclays for those who do not ‘fully buy in’ to its ‘new purpose and values’.
In an impassioned memo to his 140,000 employees, he admitted that banking had ‘lost its way’ and become ‘too aggressive’.
He laid out plans to link bonuses to ethical behaviour rather than short term profits, promising: ‘We must never again be in a position of rewarding people for making the bank money in a way which is unethical or inconsistent with our values’.
Critics complained about delays in introducing the new system and described it as ‘shocking’ that Barclays does not already subscribe to these basic standards and has to tell staff how to behave.
He told staff the bank’s core values will be ‘respect, integrity, service, excellence and stewardship’.
Some 1,000 managers will be trained over the next few weeks so they can instil these values in their staff.
In the summer, a new ‘performance assessment approach’ will be introduced for senior employees, and will be used to measure 2013 bonuses. The system will be rolled out for all employees over the following 12 months. Criteria are likely to include feedback from customers.
Jenkins warned staff who fail to ‘fully buy in to’ the new approach: ‘My message to those people is simple: Barclays is not the place for you.’