Strategy
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.