Barclays could reportedly cut around 2,000 jobs in push to reduce costs by £1bn
British bank Barclays could reportedly axe up to 2,000 jobs as part of a £1 billion ($1.25 billion) cost-cutting plan, according to Reuters.
Barclays may reportedly cut around 2,000 jobs
A source with knowledge of the matter tells Reuters – which first reported the news – that the bank’s managers are looking to increase profitability and are reviewing proposals which could include 1,500 to 2,000 jobs from back-office departments such as legal and HR being axed.
According to the source, the impacted roles will likely primarily belong to Barclays Execution Services (BX), a group-wide service company which provides technology, operations and functional services to Barclays’ business units.
BX currently employs more than a quarter of Barclays’ total staff, coming it around 22,300 people as of 2022.
However, Reuters also reports that while discussions around potential layoffs are ongoing, the bank could end up prioritising layoffs in other areas.
Following the bank’s Q3 results last month, in which it reported a 16% drop in Q3 profits to £1.3bn, CS Venkatakrishnan, group chief executive of Barclays, said the bank would be looking for “efficiencies” in a push to bring down “structural costs”, with more information expected at an investor presentation scheduled for February.
