Barclays announced on Monday that it will cut around 5,000 jobs in 2023 as part of major cost-cutting measures announced last year.
The lender said most of the job cuts would be in its support division, Barclays Execution Services, which Reuters reported in November that it was considering cutting thousands of jobs. I checked it for the first time.
“Barclays has cut around 5,000 jobs globally by 2023 as part of an ongoing efficiency program aimed at simplifying and restructuring its business, improving its services and delivering higher profits. ” a bank spokesperson said on Monday.
The job cuts were announced by Chief Executive Officer CS Venkatakrishnan last year in an effort to improve profitability ahead of the bank's annual results and investor presentation in February. This is part of the “Major Structural Cost Measures” plan.
While overall cost-cutting efforts had already been announced by the bank, and the cuts to BX were previously reported by Reuters, the bank's statement on Monday said: Sky News article Clarify the scale of efforts to date.
Barclays has also reduced the responsibilities of its chief operating officer in the UK, the bank said.
