Barclays Plans Up To $1.3 Billion Of Cost Cuts – Media

Editorial Staff 27 November 2023

Barclays Plans Up To $1.3 Billion Of Cost Cuts – Media

The UK lender, which provides services including private banking and wealth management, didn't comment on the newswire's report.

Barclays, the UK bank, 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, Reuters reported.

The article didn’t specify whether the wealth, private banking and investment side of the bank will be affected. Barclays declined to comment to this news service when asked about the story.

The Reuters report said that any cuts would be primarily at Barclays Execution Services, the unit that encompasses the group’s back office. The moves to boost profitability could see 1,500 to 2,000 jobs shed if implemented in full, or about 2 per cent of the bank’s workforce.

Senior managers, including Barclays CEO C S Venkatakrishnan, are looking at the changes. The bank could focus on other areas for cuts, the report said.

Barclays had total operating expenses of £16.7 billion last year, reports noted.

This publication covered Barclays' results for the third quarter here.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes