Barclays announced on Monday that it has implemented workforce reductions of approximately 5,000 jobs by 2023, as part of a broader cost-cutting initiative unveiled last year. The majority of these cuts were executed at Barclays Execution Services (BX), the bank’s supporting unit, confirming earlier reports from Reuters in November. The bank emphasized that these measures are integral to an ongoing efficiency program aimed at streamlining operations, enhancing services, and boosting returns.
A spokesperson for Barclays stated,
“Barclays will cut approximately 5,000 employees worldwide by 2023 as part of its ongoing efficiency program designed to simplify and reshape the business, improve services and achieve higher returns.”
These job cuts are part of a broader strategy of “material structural cost measures” outlined by Chief Executive C.S. Venkatakrishnan last year, aiming to enhance profitability. The bank provided further clarification on the scale of these efforts in response to a story by Sky News.
In addition to the workforce reductions, Barclays revealed a decrease in the number of chief operating officers in the UK as part of its ongoing efforts to optimize its operations.
