Barclays has reportedly axed 200 jobs in its corporate and investment banking division.

The cuts will account for under three per cent of its total workforce, a person familiar with the matter told Reuters.

The move follows reports of other major banks cutting staff, including Deutsche Bank, Citigroup, and Goldman Sachs.

While last year was fruitful for bankers, this year they have been impacted market volatility, an uncertain macro-economic environment, and Russia’s invasion of Ukraine.

The bank's decision to streamline the division comes a month after it announced a shake-up of the investment banking arm as part of plans to speed up growth in the department.

At the time, Barclays said that expanding its EMEA franchise was an opportunity to "grow its investment banking business globally".

In October, the UK's financial watchdog said it was issuing a £50 million fine to Barclays after it failed to inform the market and its shareholders about £322 million worth of fees paid to certain Qatari investors.

The Financial Conduct Authority (FCA) said that, during the height of the financial crisis, the bank did not disclose arrangements made in June and October of 2008 as part of its capital raisings

Mark Steward, executive director of enforcement and market oversight at the regulator, described the capital raise as “reckless” and said the move “lacked integrity”.

A Barclays spokesperson said that the bank had referred the findings of the Regulatory Decisions Committee to the Upper Tribunal for reconsideration.

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