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The move reflects ongoing challenges in the financial sector amid subdued market conditions

Barclays to slash investment banking jobs in profitability drive

The move reflects ongoing challenges in the financial sector amid subdued market conditions

Barclays&nbsp; is set to undertake a significant restructuring in its investment banking division, aiming to shed hundreds of jobs as part of a sweeping initiative to enhance profitability. Sources familiar with the matter disclosed to Bloomberg that the banking giant intends to implement these job cuts across various segments, including global markets, research, and investment banking operations.
The move, reported by Bloomberg on March 20, 2024, underscores Barclays' long-term strategy to streamline operations and bolster financial performance within its investment banking arm. The impending layoffs are expected to be executed in the coming months, forming a key component of the company's routine review process aimed at optimizing its talent pool.
Responding to inquiries, Barclays emphasized its commitment to regularly assess its workforce to align with strategic objectives while refraining from confirming specific figures for the impending job cuts. The decision to downsize comes amidst a broader trend in the financial sector, with major institutions like Citigroup Inc. and JPMorgan Chase &amp; Co. implementing similar measures in response to subdued market conditions and decreased deal activity.
Barclays' move to restructure its investment banking division reflects broader concerns raised by investors regarding the division's profitability compared to other segments within the company. To address these concerns, CEO C S Venkatakrishnan recently outlined strategies aimed at enhancing profitability, including a renewed focus on advisory services and equity underwriting.
Moreover, Barclays is strategically redirecting its business focus towards industries anticipated to experience heightened activity in the foreseeable future, such as financial sponsors and energy companies transitioning towards sustainable practices. Notably, the company secured a significant advisory mandate in March, underscoring its commitment to bolstering its advisory capabilities.
However, as Barclays seeks to fortify its investment banking division, it remains cognizant of the need to invest in other key areas, including its UK-centric operations and the US credit card arm. The company aims to achieve a balance between growth and cost efficiency, with a targeted reduction in the division's cost-to-income ratio.
As Barclays navigates these strategic adjustments, employees within the investment banking division are reportedly experiencing heightened uncertainty, with recent executive decisions impacting bonus allocations and exacerbating tensions within the workforce. Despite these challenges, Barclays remains steadfast in its commitment to fortifying its investment banking operations while pursuing a more sustainable and profitable trajectory.

Barclays Layoffs 2024: The bank cuts around 5000 jobs as part of the cost-cutting campaign. The bank verified that most job cuts were focused within Barclays Execution Services its support division.

Barclays Layoffs 2024: Barclays slashes 5,000 jobs globally amid cost-cutting drive 

The bank verified that most job cuts were focused within Barclays Execution Services its support division. Barclays disclosed that it has trimmed roles within its UK chief operating officer function, contributing to the broader workforce reduction

Barclays slashes 5,000 jobs globally amid cost-cutting drive 

<h2>The bank verified that most job cuts were focused within Barclays Execution Services its support division. Barclays disclosed that it has trimmed roles within its UK chief operating officer function, contributing to the broader workforce reduction.</h2>

Barclays Layoffs 2024: Barclays, in an effort to streamline operations and bolster profitability, revealed that it has slashed approximately 5,000 jobs globally throughout 2023 as part of its ongoing restructuring strategy. This move is a pivotal component of the bank's initiative to simplify its business model, enhance services, and drive higher returns.
The bank confirmed that the majority of these workforce reductions were concentrated within Barclays Execution Services (BX), its support unit.&nbsp;
A spokesperson for Barclays articulated the rationale behind the reduction, emphasizing its alignment with the institution's efficiency program. The overarching goal is to reshape the company and optimize its structure to achieve better operational efficiency, reported Reuters.&nbsp;
This strategic overhaul stems from Chief Executive C.S. Venkatakrishnan's plan unveiled last year, strategically aimed at implementing substantial structural cost actions. The announcement is anticipated to precede an upcoming presentation to investors scheduled for February, coinciding with the bank's annual results.
While Barclays had previously outlined its intentions to implement cost-cutting measures, the detailed extent of the workforce reduction was clarified in response to a Sky News story. The recent statement from the bank elucidated the magnitude of the efforts undertaken thus far.
Additionally, Barclays disclosed that it has trimmed roles within its UK chief operating officer function, contributing to the broader workforce reduction initiatives.
These comprehensive restructuring endeavours signify Barclays' commitment to fortifying its financial footing and adapting to the evolving economic landscape. As the banking sector continues to navigate challenges and transformations, Barclays aims to position itself strategically through these significant operational adjustments.
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Last week, Barclays revealed it is considering a wider restructuring plan that could potentially lead to cutting up to 2,000 positions.

Barclays set to slash 900 Jobs in UK: Report

<h2>Last week, Barclays revealed it is considering a wider restructuring plan that could potentially lead to cutting up to 2,000 positions.</h2>

Barclays, is likely to slash up to 900 jobs within its British operations, according to statements made by the employee union Unite. The move aligns with the bank's overarching strategy aimed at substantial cost reductions to bolster its financial performance, reported Reuters
An official from Unite revealed in the report that Barclays staff received notification about the potential job cuts around 1300 GMT. While the precise number of job cuts were not confirmed by a Barclays spokesperson to Reuters, the bank had previously indicated its intent to curtail expenses in its recent announcement during the third quarter results.
"We are implementing several measures to streamline our operations, enhance service quality, and generate better returns. This includes restructuring management levels and augmenting our technological and automated capabilities," stated a spokesperson representing Barclays to Reuters.
In a bid to save up to &pound;1 billion (equivalent to $1.25 billion), Barclays is likely to set a broader restructuring scheme that might involve reducing as many as 2,000 positions, the firm informed last week.
Barclays' CEO C.S. Venkatakrishnan is aggressively working towards elevating the bank's profitability in anticipation of an investor update scheduled for February. This forthcoming presentation will unveil comprehensive details of the cost-cutting strategy and the bank's blueprint for augmenting revenue streams, reported Reuters.&nbsp;
Also Watch: <a href="https://www.editorji.com/business-news/barclays-layoffs-plans-to-cut-2-000-jobs-as-part-of-1-25-billion-cost-cutting-effort-1700803643144#google_vignette">Barclays Layoffs: Plans to cut 2,000 jobs as part of $1.25 billion cost-cutting effort</a>

Barclays in a cost cutting effort to save 1 billion pound is planning to cut 1,500 to 2,000 jobs at its Execution Services

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

<h2>Barclays in a cost cutting effort to save 1 billion pound is planning to cut 1,500 to 2,000 jobs at its Execution Services</h2>

Layoffs 2023:&nbsp;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).
<h3>Cost-cutting effort</h3>
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.
Also Read: <a href="https://www.editorji.com/business-news/citigroup-layoffs-over-300-senior-manager-roles-cut-in-latest-rejig-1700547347136">Citigroup Layoffs: Over 300 senior manager roles cut in latest rejig</a>
Reuters quoted Vekatakrishnan and said that the potential cuts would primarily be at Barclays Execution Services, known internally as &lsquo;BX&rsquo;, 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.

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