LONDON - Barclays (LON:BARC), the British multinational bank, announced today a significant workforce reduction, planning to cut 5,000 jobs globally. This decision, led by CEO CS Venkatakrishnan, is part of an ongoing efficiency drive that began with a hiring freeze in mid-2023. The job cuts are concentrated primarily in support roles within Barclays Execution Services and the Chief Operating Officer (COO) functions, both based in the UK.
The restructuring initiative is set to bolster technology and automation capabilities within the bank, effectively doubling the number of job reductions previously projected. Despite the cutbacks, Barclays maintains its focus on strategic hiring for essential front office roles, signaling a commitment to reshaping its workforce to better align with a changing financial services landscape.
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