Barclays axes 5,000 jobs worldwide in bid to cut costs for 2024
8 January 2024, 20:16 | Updated: 8 January 2024, 20:19
Barclays has axed 5,000 jobs worldwide in a bid to cut costs and improve profits in 2024.
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The bank said the jobs were "removed" globally as part of its "ongoing efficiency programme".
The majority of individuals impacted worked as part of the bank's support function and UK chief operating officer function, with management layers being "reduced", Barclays said.
It is unclear how many of the 5,000 jobs were UK-based.
Barclays has cut costs in recent years, and has already seen jobs go across its retail and investment banking businesses.
But this is understood to be one of the most notable cost-cutting measures from the bank since the 2008 financial crisis.
A Barclays spokesperson said: "Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns.
"The group is also creating capacity to selectively hire front office roles in key businesses.
"The majority of the individuals impacted are within Barclays' support function, Barclays Execution Services 'BX', and the Barclays UK Chief Operating Officer function, as management layers are reduced and the group improves its technology and automation capabilities.
"We are supporting impacted colleagues with training, advice and outplacement services, depending on their location."
Barclays Execution Services division was set up in 2017 to bring together support functions for the bank's main two businesses - UK retail banking and international.
