In a bid to bolster its profitability, Barclays may shed 2000 jobs. Yes, you heard it right, currently, Barclays is striving to increase its profitability and reviewing its cost-saving plans which also involve around 2000 job cuts. According to the reports, the British bank has been relentlessly working on its $1.25 billion cost-cutting plan. Meanwhile, sources familiar with the development claimed that the British Bank may reduce its workforce by 2000 in the back office. If you are somehow connected to Barclays or an enthusiast to remain updated about the market’s dynamics, then stick with this page and go through the article till the end. Continue reading this article for more details. Swipe down the page.
Reportedly, the managers of the British Bank are reviewing the proposal that aims to increase the profitability of the bank. A person on the condition of anonymity claimed that up to 2000 (from 1500 to 2000) may be reduced if the cost-cutting plan is implemented in full. CS Venkatakrishnan who is the Chief Executive of Barclays, is leading the managerial team that is reviewing the proposal to bolster profitability, is also known as Venkat. Swipe down the page and read what Venkat asserted.
He added that the expected job cuts would primarily be at Barclays Execution Services which is internally known as ‘BX’ and would build part of an overall target of shedding expenses by up to $1.25 billion across the group for a long time. The British bank has tried to lower expenses by cutting bonuses, in recent years. In addition, Barclays also slashes jobs in its retail and investment banking businesses. But the bank never shrunk Barclays Execution Services and the potential savings. Take a look at the next section and read more details.
In 2017, Barclays created ‘BX (Barclays Execution Services) to consolidate support functions for two main business divisions of the bank which are UK retail banking and international. Barclays designed them to implement post-crisis risk management laws and eliminate duplication. Currently, The CEO of the bank is under pressure to find ways to improve Barclays’ volatile book value ahead of an investor presentation where he has to present his new strategy, which will take place in February. The veteran banker Venkat has grappled since taking over as CEO with the fallout from a trading blunder that cost the bank millions of dollars. Stay tuned to this website for more details and further updates.