Barclays Could Slash 2,000 Jobs in $1.3 Billion Cost Cut, Reuters Says
- Bank said in October it was exploring structural cost cuts
- Shares in the British lender are down 11.5% so far in 2023
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Barclays Plc is working on plans to reduce costs by as much as £1 billion ($1.3 billion) over several years, which could involve slashing as many as 2,000 jobs, according to Reuters.
Any cuts would be primarily at Barclays Execution Services, the unit that encompasses the group’s back office, Reuters said, citing a person it didn’t name. The moves to boost profitability could see 1,500 to 2,000 jobs shed if implemented in full, or about 2% of the bank’s workforce.