394 reads

Barclays' Cost-Cutting Plan Ruffles Feathers

by Techie MeDecember 8th, 2023

Too Long; Didn't Read

Barclays, the British bank, is making waves with plans to cut around 2,000 jobs and trim costs by £1 billion. Back-office departments like legal and HR could be the main targets. Barclays Execution Services (BX) is expected to be heavily affected. However, there are whispers that the bank might shift its focus elsewhere. Despite a drop in Q3 profits, the group CEO is determined to seek out inefficiencies and lower structural costs. The unfolding saga leaves us eagerly awaiting the bank's grand plan while keeping the affected employees in our thoughts. Hopefully, this summary captures the essence of your blog and entices readers to delve deeper into your piece.

Company Mentioned

featured image - Barclays' Cost-Cutting Plan Ruffles Feathers

‘Shaking Up the Status Quo: Barclays' Job Cuts Unveiled’ Image created by HackerNoon AI Image Generator

A Storm Brewing: Barclays' Cost-Cutting Plan Ruffles Feathers

Hey there! So, it seems like British bank Barclays is planning to make some big changes. British Barclays is stirring up a tempest with its reported plan to slash around 2,000 jobs. According to trusty sources at Reuters, the bank is on a mission to trim costs by a whopping £1 billion ($1.25 billion). Brace yourselves for the details that lie ahead!

Cutting Deep: The Back-Office Shake-Up

In the realm of profit-boosting, Barclays' managers are leaving no stone unturned. Whispers in the wind suggest that proposals are being reviewed, potentially targeting 1,500 to 2,000 jobs in back-office departments like legal and HR.

Those roles, my friends, might just be facing the chopping block.

Impact Zone: Barclays Execution Services in the Crosshairs

The battlefield of job cuts is predicted to primarily affect Barclays Execution Services (BX), a mighty service company that supports various arms of the bank. Currently employing over a quarter of Barclays' troops, around 22,300 valiant souls, BX is bracing for the storm.

A Twist in the Tale: Priority Plays Hide and Seek

Ah, the unpredictable nature of it all! While discussions about the looming layoffs continue, whispers from the shadows suggest that the bank might end up shifting its focus to other areas. The plot thickens, my friends, leaving us guessing about the final targets of this restructuring saga.

Weathering the Storm: Barclays' Q3 Results and the Quest for Efficiency

A dark cloud looms over Barclays' recent Q3 results, revealing a dreary 16% drop in Q3 profits, amounting to £1.3bn. But fear not, for CS Venkatakrishnan, the group chief executive of Barclays, stands firm. He vows to seek out inefficiencies, paving the way to lower "structural costs."

All eyes turn towards the investor presentation scheduled for February, eagerly awaiting further clues to the bank's strategy.

Unraveling Fate: The Saga Continues

And so, dear readers, we find ourselves in the midst of this gripping saga. The cards have been dealt, and the winds of change are blowing through Barclays.

As we await the unveiling of their grand plan, let us hope for the best, keeping our thoughts with the employees who might face uncertain times.