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Barclays Is Laying Off 275 Employees In NYC

APFeb 7, 2013, 08:51 IST

NEW YORK (AP) — Barclays Capital says it plans to lay off 275 employees at three offices in New York.

The investment bank disclosed the plans Wednesday to the Department of Labor, which posted the details on its website.

Barclays says the layoffs will take place during a 14-day period beginning May 15.

The company listed economic factors as the reason for the layoffs.

The federal Worker Adjustment and Retraining Notification Act requires employers of companies with 100 workers or more to provide notice 60 days in advance of a plant closing or mass layoffs.

Barclays Capital is the investment banking division of British lender Barclays PLC.

In October, Barclays PLC reported a net loss of 200 million pounds ($322 million) for the third quarter.