Barclays Considers $1.25 Billion Cost Plan, Potential Job Cuts
TL;DR Summary
Barclays is reportedly working on a cost savings plan to save up to £1 billion ($1.25 billion), which may involve cutting around 2,000 jobs, primarily in the bank's back office. The potential cuts would focus on Barclays Execution Services (BX) and form part of a larger target to reduce expenses by up to £1 billion across the group. The bank's CEO, C.S. Venkatakrishnan, known as Venkat, is under pressure to boost Barclays' book value and will unveil a fresh strategy in February. Barclays' share price has fallen 26% since Venkat took charge in 2021.
- Exclusive: Barclays working on $1.25 billion cost plan, could cut up to 2000 jobs -source Reuters
- Barclays Plans to Cut £1 Billion in Costs, Reuters Says Bloomberg
- Barclays working on cost plan, could cut up to 2000 jobs The Australian Financial Review
- Exclusive-Barclays working on $1.25 billion cost plan, could cut up to 2,000 jobs -source Yahoo Finance
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