Barclays drawing up plans for hundreds of job cuts -sources
2023.09.08 17:17
© Reuters. FILE PHOTO: A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. REUTERS/Peter Nicholls/File Photo
By Iain Withers
LONDON (Reuters) -Barclays is drawing up plans to cut hundreds of jobs, two sources familiar with the matter told Reuters, as the bank trims its costs while embarking on a wider strategy review.
The British bank could cut as many as 400 jobs in its domestic retail business, one of the sources said, but added that the numbers were not final.
The second source said the bank was planning investment bank cuts that were part of annual assessments of banker performance and that the two rounds of cuts were not related, adding that some retail staff could be redeployed or take voluntary redundancy.
A Barclays spokesperson said: “We do not comment on speculation. We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way.”
Bloomberg reported earlier on Friday that the bank was weighing hundreds of job losses.
Barclays CEO C.S. Venkatakrishnan is separately embarking on a wider strategy review, amid some investor dissatisfaction at the bank’s underperformance relative to Wall Street investment banks.
Barclays’ Wall Street rivals have also cut jobs this year, as investment banking revenues are taking a long time to recover.
Morgan Stanley cut 3,000 jobs in the second quarter and Goldman Sachs this year reinstated performance ratings that usually result in firing of the worst performers. Citigroup (NYSE:) announced it had cut 1,600 jobs in the second quarter.
