Barclays Considers $1.25 Billion Cost Plan, Potential Job Cuts
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.