Barclays slashed 5,000 jobs last year in major cost-cutting drive

Barclays slashed its workforce by around 5,000 jobs in 2023 as part of a major cost-cutting drive announced last year, the bank said Monday.

The majority of the cuts fell in Barclays Execution Services, the bank’s support unit, the lender said, confirming for the first time Reuters reporting from last November that the lender was eyeing thousands of cuts in that division.

“Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency program designed to simplify and reshape the business, improve service, and deliver higher returns,” a spokesperson for the bank said Monday.

Barclays logo
The majority of the cuts fell in Barclays Execution Services, the bank’s support unit. AP

The cuts form part of a plan of “material structural cost actions” announced by Chief Executive C.S. Venkatakrishnan last year in a bid to boost profitability ahead of a presentation to investors in February alongside the bank’s annual results.

While the overall cost-cutting drive had already been announced by the bank and the cuts to BX had been previously reported by Reuters, the bank’s statement on Monday in response to a Sky News story clarifies the scale of its efforts so far.

CEO C.S. Venkatakrishnan
The cuts form part of a plan of “material structural cost actions” announced by Chief Executive C.S. Venkatakrishnan last year. REUTERS

Barclays has also trimmed its UK chief operating officer function, the bank said.

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