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Barclays slashes 5,000 jobs in cost-cutting effort

January 9, 2024


Barclays’ ongoing effort to rein in expenses is the firm’s most significant cost-cutting plan since the 2008 financial crisis, according to SkyNews.

The majority of the impacted jobs are within the bank’s support functions, reflecting the removal of management layers and improved technology and automation, the firm said in a statement to Bloomberg.

The bank is “evaluating material structural cost actions,” Venkatakrishnan said in October, indicating the bank could launch a restructuring ahead of a Feb. 20 presentation to investors. The strategy is aimed at lifting the bank’s valuation.

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