Barclays Plans To Cut Up To 2000 Jobs To Save Up To $1.25B: Report

Barclays PLC BCS reportedly plans to trim as many as 2,000 jobs to save costs and boost its profitability.

The British bank is planning to reduce headcount mainly at Barclays Execution Services as a part of the overall target of reducing expenses by up to £1 billion ($1.25 billion) across the group over several years, as per Reuters.

The cost-saving target represents about 7% of the bank's underlying annual operating expenses of 15 billion pounds in 2022.

Notably, Barclays has made efforts to reduce expenses in recent years by lowering bonuses and cutting jobs in its retail and investment banking businesses.

As of 2022, Barclays Execution Services had 22,300, accounting for more than a quarter of Barclay's total employee count, with the division's staff standing at around £2 billion, as per the report.

Last month, Barclays reported Q3 total income grew by 5% Y/Y to £6.26 billion in the quarter and EPS of 8.3p compared to 9.4p Y/Y.

During the call, the bank said it is evaluating actions to reduce structural costs, which may result in additional material charges in Q4 FY23.

Price Action: BCS shares closed lower by 0.84% at $7.07 on Wednesday.

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