Barclays is working on plans to save as much as 1 billion ($1.9 billion), which could involve cutting as many as 2000 jobs, mainly in the British banks back office, a person with direct knowledge of the proposals told Reuters.
Managers at Barclays, led by chief executive C.S. Venkatakrishnan who is known within the bank as Venkat, are reviewing proposals to bolster its profitability. As part of these, 1500 to 2000 jobs could be cut if implemented in full, the person said.
Barclays has made efforts to reduce expenses in recent years by slashing bonuses, as well as jobs in its retail and investment banking businesses. Bloomberg
A spokesperson for Barclays declined t…
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