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Barclays PLC is working on restructuring plans that could involve cutting as many as 2,000 jobs to save £1 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 £1.89 billion for the third quarter of 2023, down 4.3% from a year before. Credit impairment charges were increased by 14% to £433 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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