Barclays has reportedly begun cutting hundreds of jobs, including in its investment bank, as the group looks to cut costs and boost its share price.

The cuts will affect several hundred employees in Barclays’ global markets, investment banking and research divisions, Bloomberg News reported, citing anonymous sources. The layoffs began on Wednesday, the people said.

“We regularly review our talent pool to ensure we can invest in talent and deliver for our clients,” the bank said in a statement.

The news comes as Barclays undertakes its biggest restructuring since the financial crisis, which is expected to save £2 billion in costs and return £10 billion to shareholders by 2026.

In January, the company announced that it had cut 5,000 jobs worldwide last year to “simplify and redesign the business.”

The investment banking division is a particular focus for improvement. Barclays’ earnings were dragged down last year by a weaker performance in this division. Some investors argue that this division is a volatile source of income and should be abandoned altogether.

Barclays is the only domestic British bank that still has a global deal division, but it is dwarfed by Wall Street rivals such as JPMorgan Chase and Goldman Sachs.

Unlike the largest U.S. banks, Barclays’ investment banking and trading activities did not benefit from a recovery in global dealmaking and capital markets activity last quarter.

The company’s revenues for the three months were £3.33 billion, down from £3.57 billion in the previous quarter, with a 25 percent increase in equity trading revenues more than offset by a 21 percent decline in bond trading.

Although Barclays has reaffirmed its confidence in the company as part of its new restructuring, the company plans to grow other parts of its group to diversify revenue streams.

The bank aims to reduce investment banking costs by £700 million by 2026 and does not plan to transfer any more of the parent company’s risk-weighted assets to investment banking in the coming years.