2023-09-08 18:26:19
LONDON, Sept 8 – Barclays is preparing plans to cut hundreds of jobs, two sources familiar with the matter told Archyde.com, as the bank cuts costs while embarking on a broader review of its strategy.
The British bank could cut up to 400 jobs in its domestic retail business, one of the sources said, although adding the figures were not final.
The second source said the bank was planning cuts in investment banking as part of the bankers’ annual performance review and that the two rounds of cuts were not linked, adding that some retail staff could be redeployed or subject to voluntary departures.
A Barclays spokesperson said: “We do not comment on speculation: “We do not comment on speculation. We regularly review our operations to ensure we are meeting the changing needs of our customers effectively and efficiently.”
Bloomberg reported earlier Friday that the bank was considering hundreds of job cuts.
Barclays CEO CS Venkatakrishnan separately committed to a broader review of strategy, amid investor discontent over the bank’s underperformance compared to Wall Street investment banks. (Reporting by Iain Withers; additional reporting by Tatiana Bautzer; editing by Jonathan Oatis)
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