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Rating:Kranefuss' Team Stays Intact as BGI Swings the Ax Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 13, 2009

Kranefuss' Team Stays Intact as BGI Swings the Ax

by: Armie Margaret Lee

Barclays Global Investors is cutting 300 jobs as part of a broader headcount reduction being implemented by its London-based parent, Barclays PLC. BGI's iShares business led by Lee Kranefuss, however, is not affected by the reduction, a person familiar with the situation told The MFWire.

"We can confirm that we have begun a process to reduce headcount across some parts of investment banking and investment management to ensure that we are appropriately sized given the current market conditions," a Barclays spokesperson said in an e-mailed statement. "We will continue to hire selectively across those parts of the business that are growing."

Aside from cutting 300 jobs at San Francisco-based BGI, Barclays is slashing 1,300 jobs at its investment bank unit, Barclays Capital, and 500 at its wealth management division.  

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