Barclays is poised to slash up to 2,000 jobs as part of a \u00a31 billion cost-cutting initiative to boost profits.<\/p>\n\n\n\n
The cuts would mainly hit legal, HR, and compliance departments rather than customer-facing branch staff or investment bankers.\u00a0<\/p>\n\n\n\n
The redundancies are part of a broader strategy led by Barclays CEO CS Venkatakrishnan, known as Venkat.<\/p>\n\n\n\n
Read More: Capita Plans 900 Job Cuts In Cost-Cutting Plans<\/a><\/strong><\/p>\n\n\n\n He plans to streamline the business and address City demands for a share price boost. <\/p>\n\n\n\n The targeted division, internally referred to as Barclays Execution Services, faces job cuts due to roles becoming redundant due to digitization efforts.<\/p>\n\n\n\n Barclays employs approximately 87,000 people globally, with 44,000 based in the UK.<\/p>\n\n\n\n The bank seeks to enhance its financial performance, given a 15 percent share slide this year attributed to declining profits. <\/p>\n\n\n\n Venkat, who assumed leadership in 2021, hinted at restructuring plans last month without specifying details.<\/p>\n\n\n\n Read More: Next Puts 780 Jobs At Risk With Bradford Warehouse Closure<\/a><\/strong><\/p>\n\n\n\n He said: “In every part of the bank, there are things we can do better.”<\/p>\n\n\n\n Analysts had predicted cost cuts ranging from \u00a3500 million to \u00a31.5 billion.<\/p>\n\n\n\n They expect the job cuts to coincide with a reduction in Barclays’ office space to decrease costs further. <\/p>\n\n\n\n The bank will likely disclose additional details, including potential office space reductions, when it publishes its full-year results in February. <\/p>\n\n\n\n The restructuring aligns with Barclays’ warning to investors about “material” cuts as part of an impending strategic review.<\/p>\n\n\n\n Need Career Advice? <\/strong>Get employment skills advice at all levels of your career<\/strong><\/a><\/p>\n\n\n\n Barclays, one of the few UK-based lenders operating an investment bank in the US, faces challenges competing with Wall Street rivals. <\/p>\n\n\n\n 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.<\/p>\n\n\n\n Recently, Citigroup planned to streamline operations through job cuts. <\/p>\n\n\n\n Despite avoiding explicit use of the term “restructuring,” Barclays expects fewer administrative roles in the future.<\/p>\n\n\n\n Follow us on <\/strong>YouTube<\/strong><\/a>, <\/strong>X<\/strong><\/a>, <\/strong>LinkedIn<\/strong><\/a>, and <\/strong>Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Barclays is poised to slash up to 2,000 jobs as part of a \u00a31 billion cost-cutting initiative to boost profits.<\/p>\n","protected":false},"author":5,"featured_media":52990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[415,414],"tags":[1103],"class_list":["post-52989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uk-employment-news","category-uk-business-news","tag-barclays"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/52989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=52989"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/52989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/52990"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=52989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=52989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=52989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}“There are things we can do better” <\/h2>\n\n\n\n