Barclays axed 5,000 jobs in 2023 in main cost-cutting drive

On Jan 8, 2024

Updated: 22:01, 8 January 2024

Cuts: Barclays slashed around 5,000 jobs in 2023

Cuts: Barclays slashed round 5,000 jobs in 2023

Barclays slashed round 5,000 jobs in 2023 as a part of a significant cost-cutting drive.

The financial institution mentioned the cuts had been a part of an ‘ongoing efficiency programme designed to simplify and reshape the business, improve service and deliver higher returns’.

Around 1 / 4 of the reductions to its 84,000-strong workforce worldwide had been in Britain, based on Sky News.

The losses got here via a mixture of redundancies and vacancies that won’t be crammed after a hiring freeze was introduced in final yr.

The cost-savings are being led by chief govt CS Venkatakrishnan – generally known as Venkat – in a bid to spice up income.

A spokesman mentioned: ‘Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service and deliver higher returns.’

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