Barclays Bank implements major workforce reduction

Barclays Bank has confirmed it slashed thousands of jobs around the globe in a vast cost-cutting exercise.
Barclays Bank has confirmed it slashed thousands of jobs around the globe in a vast cost-cutting exercise.

Barclays Bank has confirmed it slashed thousands of jobs around the globe in a vast cost-cutting exercise.

Strategic Workforce Reshaping

Barclays Bank made significant workforce adjustments last year, cutting approximately 5,000 roles from its global workforce of 84,000. This streamlining initiative aimed to simplify and revamp the business structure.

UK Impact and Support Measures

Around a quarter of these reductions took place in the UK, with the bank offering support to affected employees, including training and guidance tailored to their specific locations.

Reasons Behind Staff Reduction

The bank’s decision to downsize stemmed from a combination of redundancies and a halt in filling vacancies during a hiring freeze, as disclosed by a Barclays spokesperson. 

The aim was to enhance service quality and bolster returns for the organization.

Focus on Efficiency and Technological Advancements

Most of the affected positions were within back-office support teams, aligning with the bank’s strategy of reducing managerial layers and enhancing technological and automation capabilities.

Profitability Improvement Plans

Barclays stated that these cuts were part of a broader plan announced during its third-quarter results in October of the previous year, emphasizing the goal to bolster profitability.

Larger-Scale Cuts and Ongoing Savings Efforts

The total number of job reductions surpasses the previously reported 900 UK job cuts. This measure reflects the ongoing savings program that Barclays has undertaken, impacting its retail and investment banking sectors and involving nearly 200 branch closures in recent years.

Financial Landscape and Upcoming Challenges



While the bank’s pre-tax profits for the quarter ended September were slightly better than analyst projections, the figures reflected a decline from the previous year. 

This latest reduction in workforce, one of the largest since the 2008 financial crisis, adds pressure on Barclays ahead of the upcoming release of its 2023 full-year results next month.

Gary Monroe

Gary Monroe is a seasoned contributor to the Los Angeles Business Magazine, where he offers insightful analysis on local business trends and economic developments. With a focus on Los Angeles' dynamic commercial landscape, Gary's articles provide valuable perspectives for entrepreneurs and business professionals in the city.

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