16 September 2023, United states, New York: The Barclays Bank brand, taken in Manhattan.
Michael Kappeler | Photo Alliance | Getty Images
Barclays slashed its workforce by close to 5,000 jobs in 2023 as component of a key price tag-cutting push announced final yr, the financial institution claimed on Monday.
The greater part of the cuts fell in Barclays Execution Products and services (BX), the bank’s assistance device, the loan company claimed, confirming for the first time Reuters.
“Barclays eradicated roughly 5,000 headcount globally by 2023 as aspect of its ongoing effectiveness programme developed to simplify and reshape the business, increase assistance, and provide larger returns,” a spokesperson for the bank explained on Monday.
The cuts variety portion of a program of “substance structural cost steps” announced by Chief Executive C.S. Venkatakrishnan last yr in a bid to strengthen profitability ahead of a presentation to traders in February alongside the bank’s yearly outcomes.
When the general price-chopping generate experienced presently been introduced by the financial institution and the cuts to BX experienced been formerly noted by Reuters, the bank’s statement on Monday in response to a Sky News story clarifies the scale of its attempts so considerably.
Barclays has also trimmed its Uk chief functioning officer operate, the financial institution stated.