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Barclays confirms 5,000 global job cuts

By Nithya Bose in Business News, posted January 9, 2024

Barclays has announced the elimination of 5,000 jobs globally from its 84,000-strong workforce.

Approximately a quarter of these cuts have been implemented in the UK.

The move is part of its strategy to "simplify and reshape the business," aiming to enhance profitability through improved technology and automation capabilities.

The bank has assured affected employees of support, including training and advice based on location.

The reduction in headcount has been facilitated by redundancies and vacancies left unfilled during a hiring freeze.

Primarily impacting back-office support teams, the restructuring reduces management layers and improves its technology and automation capabilities.

Barclays said these cuts align with plans announced in its third-quarter results from October of the previous year.

The total number of job cuts exceeds the previously reported figure of 900 UK jobs.

This move is part of Barclays' broader savings program, which has witnessed job cuts across its retail and investment banking businesses.

The bank has also announced the closure of nearly 200 branches, citing the increasing prevalence of digital transactions.

Barclays reported pre-tax profits of £1.9 billion for the three months to September, slightly surpassing analyst forecasts but down from £2 billion a year ago.

The current downsizing marks one of Barclays' most substantial cost-saving efforts since the 2008 financial crisis.

As the bank approaches the publication of its full-year results for 2023 next month, this move would increase pressure on Barclays.

It draws increased scrutiny regarding its financial performance and strategic decisions.

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