Barclays drops gold as 1,000 go

Among the biggest losers is Barclays’ precious metals business, which will be closed
Among the biggest losers is Barclays’ precious metals business, which will be closed
DARIO PIGNATELLI/GETTY IMAGES

Barclays is to give up trading in gold and other precious metals in a series of cutbacks at its investment bank where more than 1,000 staff will lose their jobs.

Barclays told staff yesterday that it would shut nine offices around the world, including almost all its business in Russia and Brazil, which had been seen as star performers.

Tom King, the head of the investment banking division, said in a memo to staff that it was with “regret” that the lender had to embark on an “evolution” of the business, which has been hit in the past year as markets have fallen and trading commissions collapsed.

“Our returns have improved and we are ahead of many of our peers in reshaping our franchise. But