Barclays revamp to cost up to 2,000 jobs Barclays is cutting up to 2,000 jobs in its investment bank as part of a strategic overhaul by the bank's chief executive Antony Jenkins. The bank on Tuesday started a consultation process in the UK to shed several hundred jobs and will inform staff in Europe, Asia and the US about further redundancies in the next few weeks, people close to the situation said. The move means that Mr Jenkins will have completed a significant number of job cuts even before he announces the bank's new strategy next month. The former head of Barclays" retail business has been screening the reputation and performance of every business line in the five months since he became chief executive in the wake of the Libor scandal. He has promised to unveil "the blueprint for Barclays for at least the next decade" alongside the bank's annual results next month. The reduction of up to a tenth of the bank's 23,000 investment banking jobs - 9,000 of which are based in London - is in keeping with Mr Jenkins" earlier remarks that he is not planning a "break-up of the bank or an exit from whole business lines." Huw van Steenis, analyst at Morgan Stanley, said the bank could free up around £9bn in capital by scaling back its investment banking business to expand the more profitable UK retail banking market. "We do not expect radical reshaping of the investment bank, but anticipate details on the restructuring of legacy and subscale business areas," he said. Like other investment banks around the globe, Barclays is trying to adapt to tighter regulation, stricter capital rules and greater public scrutiny in the light of scandals such as the manipulation of Libor. But cuts at the Barclays investment bank pale in comparison with the drastic steps taken by its Switzerland-based rival UBS, which will wind down a large part of its fixed income trading and cut 10,000 jobs in the process. The Swiss bank on Tuesday launched the consultation process for almost 100 UK investment banking jobs as part of its strategic overhaul. Some Barclays investors have urged Mr Jenkins to follow UBS's example. People close to the bank counter that, unlike its Swiss rival, Barclays is one of the dominant forces in fixed income and has rapidly caught up in other areas. A Barclays spokesman said: "We have begun a process of consultation with UK-based employees. This exercise is being carried out so that we can start to effect some of the strategic changes as a consequence of the review of Barclays" business." In the wake of a string of scandals, Mr Jenkins has vowed to restore Barclays battered reputation by making every business line compliant with high ethical standards. He is expected to drastically shrink Barclays" controversial tax structuring unit and pare back parts of its soft agricultural commodities trading operations.