LONDON, March 20 (Reuters) - Barclays ( JJCTF ) is

preparing to axe hundreds of jobs across its investment bank as

it runs the rule over under-performers in the division, two

sources familiar with the matter told Reuters.

The layoffs are a result of Barclays' ( JJCTF ) annual review

process and are expected to take place in the coming months, the

sources said.

The cuts come after a torrid year for dealmaking for the

wider banking industry and as Barclays ( JJCTF ) pursues a revamped

strategy that prioritizes expansion of its higher-returning

consumer bank.

"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," Barclays ( JJCTF ) said in a statement.

Bloomberg News first reported the planned cuts.

The bank

slashed

its workforce by around 5,000 jobs in 2023 as part of an

ongoing major cost-cutting drive.