While the future looks bleak for traders working in Barclays’ fixed income unit, those working in the UK bank’s capital market and advisory businesses now find themselves at the heart of the investment bank.

Group chief executive Antony Jenkins this morning unveiled the group's long-awaited strategic revamp, outlining changes to the investment bank that will see 7,000 job cuts, with a large chunk of those due to take place this year and likely to affect front-office personnel.