Barclays Cuts 5,000 Jobs in 2023 as Part of Ongoing Overhaul

In 2023, Barclays reduced its workforce by 5,000 positions as part of an extensive cost-reduction plan unveiled last year.

The cuts primarily affected the Barclays Execution Services, its support division, with the bank confirming the layoffs for the first time since Reuters initially reported the potential job losses in that sector in November.

A spokesperson stated, "In an effort to streamline operations, enhance service quality, and achieve better returns, Barclays has removed around 5,000 jobs globally through the ongoing efficiency initiative."

This move is in line with a strategy for significant structural cost reduction introduced by CEO C.S. Venkatakrishnan to raise profits, details of which are expected to be shared in February during an investor presentation, coinciding with the announcement of the bank's yearly financial results.

Although Barclays had previously disclosed the cost-cutting initiative and Reuters had reported the anticipated reductions within the BX unit, the bank's confirmation on Monday following a Sky News report provided a clearer picture of the extent of the reductions.

Additionally, Barclays has made cuts within its UK chief operating officer's team.