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Barclays Is Reportedly Planning To Eliminate Hundreds Of Jobs

Check out these Dallas Job Fairs 2023. (Photo: Dreamstime)
Check out these Dallas Job Fairs 2023. (Photo: Dreamstime)

According to two persons with knowledge of the situation, Barclays is preparing measures to eliminate hundreds of positions as the bank looks to slash costs and broaden its strategic assessment.

To Eliminate Job Positions

According to one of the individuals, the British bank may eliminate up to 400 positions in its domestic retail division, but they stressed that the figures weren’t final.

The second source claimed that the two rounds of layoffs were unrelated and that the bank was preparing cuts to the investment bank as part of annual evaluations of banker performance. They also mentioned the possibility of redeployment or voluntary redundancy for some retail employees.

A representative for Barclays stated, “We do not comment on rumors. To make sure we are able to effectively and efficiently satisfy the changing needs of our clients and consumers, we regularly assess our operations.

Bank’s Underperformance

Barclays

Source: CNN

The bank was reportedly considering eliminating hundreds of jobs, according to Bloomberg earlier on Friday. In response to some investor displeasure about the bank’s underperformance in comparison to Wall Street investment banks, Barclays CEO C.S. Venkatakrishnan is also starting a wider strategy review.

Because investment banking revenues are taking so long to recover, Barclays’ competitors on Wall Street have likewise reduced their workforce this year.

In the second quarter, Morgan Stanley (MS.N) slashed 3,000 employees, and this year, Goldman Sachs (GS.N) reinstated performance reviews, which typically lead to the termination of the weakest performers. In the second quarter, 1,600 jobs were lost at Citigroup (C.N).

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