Barclays is planning a fresh wave of cost cuts after posting a 30% decline in dealmaking fees during the third quarter — the biggest drop so far reported by any major investment bank as the UK lender has battled an exodus of talent this year.

Barclays made £375m from deals in the third quarter, down by 30% on the same period a year earlier as M&A fees slumped. Barclays posted revenue of £80m from M&A deals during the three months to end of September, down by 47% compared with 2022. A 48% uptick in revenue from equity underwriting, which has been hit by a dearth of IPOs over the past two years, did not offset this decline in investment banking fees.