Barclays is gearing up to reduce its workforce by several hundred employees in its investment bank division. The move comes as the firm undertakes long-term efforts to streamline expenses and enhance profitability in the unit. 

According to The Business Times, the job cuts are expected to impact personnel in global markets, research, and the firm's investment banking sector. These reductions, slated to occur in the coming months, form part of the firm's annual process of trimming low-performing individuals. 

Barclays stated, "We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients," adding that the exact number of roles affected in this year's review is yet to be finalised. 

In response to the global downturn in dealmaking and capital markets activity, Wall Street giants like Citigroup and JPMorgan Chase & Co have implemented job cuts in recent months. 

Similarly, Barclays is initiating a substantial effort to enhance the profitability of its investment bank division, which has been adversely impacted by the decline in activity and higher-than-average attrition among dealmakers. 

Barclays has faced ongoing investor scrutiny regarding the sustainability of its Wall Street operations, as the investment bank requires more capital compared to other divisions with higher returns. 

Last month, CEO CS Venkatakrishnan addressed these concerns by outlining plans to bolster the unit's profitability through a focus on expanding advisory and equity underwriting services. 

In line with this strategy, the company is realigning its business operations to target industries expected to see heightened activity in the future, including financial sponsors and energy companies transitioning towards reduced greenhouse gas emissions. 

In a recent development, Barclays secured a mandate to advise Equitrans Midstream on its US$5.5 billion sale to the United States natural gas producer EQT.