Barclays looking to save up to £1bn; 2,000 jobs at risk - report

(Sharecast News) - Barclays is reportedly working on plans to save as much as £1bn, which could result in as many as 2,000 job losses, mainly in the bank's back office. Reuters cited a person with direct knowledge of the proposals as saying that managers at Barclays, led by chief executive C.S. Venkatakrishnan, are reviewing proposals to bolster its profitability.

As part of these, 1,500 to 2,000 jobs could be cut if implemented in full, the person said.

It was understood the potential cuts would primarily be at Barclays Execution Services, known internally as 'BX', and would form part of an overall target of reducing expenses by up to £1bn across the group over several years.

According to Reuters, the BX headcount discussions are ongoing and the bank could decide to prioritise layoffs in other areas.

A second source told Reuters that managers across teams within BX have been working with effectively frozen budgets this year and told that costs must be reduced in 2024.