Barclays is set to axe over 100 roles across its investment banking arm this week, according to reports.

Sources told Sky News the round of layoffs, which follows a previous cull of around 200 staff late last year, would not be confined to a single country or function within the business.

The news comes after Barclays’ profits dipped by almost a fifth in its most recent financial year.

The report also follows a wave of job cuts across the banking sector in recent months. Late last year Morgan Stanley axed around 1600 roles, while this Goldman Sachs and Capital One announced plans to axe around 3,000 and 1,000 roles respectively.

The bank, which has announced plans to close 69 UK bank branches this year, was also recently hit by a £50 million fine for a “reckless” capital raise in 2008 likely only to have added to its troubles.

The fine followed findings by the Financial Conduct Authority that, during the height of the financial crisis, Barclays did not disclose arrangements made in June and October of 2008 as part of its capital raisings

FStech has reached out to Barclays for comment.

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