Shares of Barclays are up 0.9% in afternoon trading after Bloomberg’s Jan-Henrik Forster, Harry Wilson and Irina Angh reported that the company plans to cut “hundreds” of jobs as soon as next week and will dismiss about 5% of client-facing staff in the trading division. People familiar with the matter told Bloomberg that the lender is also preparing to restructure teams within its U.K. consumer-banking unit. “We do not comment on speculation. We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way,” Barclays said in a statement to Bloomberg.
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