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Barclays is poised to slash up to 2,000 jobs as part of a £1 billion cost-cutting initiative to boost profits.
The cuts would mainly hit legal, HR, and compliance departments rather than customer-facing branch staff or investment bankers.
The redundancies are part of a broader strategy led by Barclays CEO CS Venkatakrishnan, known as Venkat.
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He plans to streamline the business and address City demands for a share price boost.
The targeted division, internally referred to as Barclays Execution Services, faces job cuts due to roles becoming redundant due to digitization efforts.
Barclays employs approximately 87,000 people globally, with 44,000 based in the UK.
The bank seeks to enhance its financial performance, given a 15 percent share slide this year attributed to declining profits.
Venkat, who assumed leadership in 2021, hinted at restructuring plans last month without specifying details.
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He said: "In every part of the bank, there are things we can do better."
Analysts had predicted cost cuts ranging from £500 million to £1.5 billion.
They expect the job cuts to coincide with a reduction in Barclays' office space to decrease costs further.
The bank will likely disclose additional details, including potential office space reductions, when it publishes its full-year results in February.
The restructuring aligns with Barclays' warning to investors about "material" cuts as part of an impending strategic review.
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Barclays, one of the few UK-based lenders operating an investment bank in the US, faces challenges competing with Wall Street rivals.
The job losses and cost-saving measures form a crucial aspect of Venkat's efforts to revitalize the bank's fortunes, with profits dwindling and UK deposits experiencing a decline.
Recently, Citigroup planned to streamline operations through job cuts.
Despite avoiding explicit use of the term "restructuring," Barclays expects fewer administrative roles in the future.
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