Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to 1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank’s back office.
Leadership’s review and focus
Barclays’ top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank’s overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services (‘BX’), the bank’s support function created in 2017 to streamline operations for its primary business divisions.
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Targeted division and rationale
The po…
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