24th Nov 2023 09:20
(Alliance News) - Barclays PLC is working on restructuring plans that could involve cutting as many as 2,000 jobs to save GBP1 billion, Reuters reported on Thursday.
The job cuts would be mostly in the London-based bank's back office, Reuters said, citing "a person with direct knowledge of the proposals".
Barclays Chief Executive CS Venkatakrishnan is reviewing proposals to boost profitability, the person said. If implemented in full, from 1,500 to 2,000 jobs could be cut.
https://www.reuters.com/business/finance/barclays-working-125-bln-cost-plan-could-cut-up-2000-jobs-source-2023-11-23/
Late last month, Barclays reported pretax profit of GBP1.89 billion for the third quarter of 2023, down 4.3% from a year before. Credit impairment charges were increased by 14% to GBP433 million, and Barclays also trimmed its UK net interest margin guidance.
Barclays at the time said it is "evaluating actions to reduce structural costs to help drive future returns", adding it expected to book "material additional charges" in the fourth quarter of 2023.
Barclays shares were up 0.2% to 140.56 pence in London on Friday morning. The stock is down 12% over the past 12 months.
By Tom Waite, Alliance News editor
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