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Dec 18, 2008

Barclays Capital to make 3000 layoffs in 2009

Barclays Capital, the investment banking arm of Britain's Barclays Plc , will inform employees about layoffs only after the new year, the New York Post said, citing sources.

Barclays executives including President Bob Diamond decided to hold off on the layoff news, which is expected to affect some 3,000 employees, until the beginning of next year, the paper said.

Barclays took over Lehman Brothers' North American investment banking and capital markets businesses after the bank collapsed in September.

It is folding Lehman's operations into Barclays Capital, which now employs more than 20,000 people worldwide.

The cuts are expected to come from both the Barclays and Lehman camps, sources told the paper.

While job cuts associated with the merger were widely expected, sources familiar with the matter told the paper Barclays opted not to announce job cuts this year in order to maintain employee morale.

Barclays Capital could not be immediately reached for comment by Reuters.

Source : Reuters
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