Barclays Layoffs: Plans to cut 2,000 jobs as part of $1.25 billion cost-cutting effort

Layoffs 2023: Barclays is planning to cut around 2,000 jobs mainly in its back office, reported Reuters. As per the report the British bank is working on its cost-cutting plans to save about 1 billion pounds ($1.25 billion).

Cost-cutting effort

The Reuters report further mentioned that the company managers are currently reviewing proposals to bolster its profitability which if implemented will affect 1,500 to 2,000 jobs. The managerial team is lead by Chief Executive CS Venkatakrishnan.

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Reuters quoted Vekatakrishnan and said that the potential cuts would primarily be at Barclays Execution Services, known internally as ‘BX’, and would form part of an overall target of reducing expenses by up to 1 billion pounds across the group over several years. The BX's staffing and costs have grown significantly in recent years. As per regulatory filing, its headcount rose to about 22,300 as of the end of 2022, from 20,000 at end-2017, and now accounts for more than a quarter of Barclays staff. The annual staff cost has also risen to 2 billion pounds, from 1.8 billion pounds.

Barclays has been taking efforts to control the cost over the past years by slashing bonuses as well as jobs in its retail and investment banking businesses.