According to Reuters, British multinational universal bank Barclays is planning to cut 1500- 2,000 jobs amid cost-cutting measures.
The bank had previously made efforts to reduce expenses in recent years. This reduction included the reduction of bonuses and jobs in its retail and investment banking businesses.
However, now the bank is planning to save costs to 1 billion pounds ($1.25 billion). Moreover, it is expected the layoffs to impact the division of Barclays Execution Services, known internally as ‘BX’. Barclays declined to comment on Reuters’ news.
Previously, media reports in September suggested that Barclays was planning to cut hundreds of jobs across its trading and investment bank divisions.
British lending group was planning to remove about 5% of client-facing staff in the trading division along with some dealmakers globally, as well as restructure teams within its UK consumer-banking unit.
Previously, 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”, the spokesperson added.
In 2023, various companies have sacked employees. The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession.
Recently, L&T Technology has sacked 200 employees. The layoffs are affecting the employees due to performance reviews and additionally, the company is also reducing the overlapping positions. Similarly, recently PhysicsWallah (PW) has sacked nearly 120 employees due to a performance review.
So far in 2023, there have been 1,879 layoffs at tech companies with 406,786 people impacted (1,236 people per day).
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