Barclays is in the process of cutting 5,000 jobs worldwide in a major cost-cutting exercise. Around a quarter of the reductions are thought to have taken place in its UK operations.
The bank said the jobs were “removed” as part of its ongoing efficiency programme.
The roles have reportedly been lost through a combination of redundancies and vacancies that won’t be filled following the introduction of a hiring freeze in the middle of 2023
PA
The majority of roles affected are within its support arm Barclays Execution Services, which provides technological and operation services to businesses.
In a statement today, a Barclays spokesman said: “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.
“The group is also creating capacity to selectively hire front office roles in key businesses.
“The majority of the individuals impacted are within Barclays’ support function, Barclays Execution Services ‘BX’, and the Barclays UK Chief Operating Officer function, as management layers are reduced and the Group improves its technology and automation capabilities.
“We are supporting impacted colleagues with training, advice and outplacement services, depending on their location.
“The headcount reduction programme forms part of the potential material structural cost action charge announced at Q3 2023 results, to be taken in Q4 2023.”
In November, the trade union Unite said Barclays was cutting 900 UK jobs as the bank looks to reduce costs.
Roles would be cut across several back-office divisions, including compliance, finance, legal, policy, IT and risk, the union said.
Barclays job cuts announced last year included roles in several back-office divisions, including compliance, finance, legal, policy, IT and risk, Unite said
PA
The bank did not confirm numbers but said it was taking action to “simplify and reshape” the business.
A Barclays spokesperson said: “As we said in October at Q3 results, we are taking a number of actions to simplify and reshape the business, improve service, and deliver higher returns.
“This includes changes to our headcount as management layers are reduced and the Group improves its technology and automation capabilities.
“We are committed to supporting impacted colleagues through these changes.”
