Barclays to cut 5,000 jobs in 2023 as banks cut spending in a bid to boost profits
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Cuts: Barclays will cut around 5,000 jobs in 2023
Barclays will cut around 5,000 jobs in 2023 as part of a major cost-cutting effort.
The bank said the cuts were part of an “ongoing efficiency program designed to simplify and transform the business, improve services and deliver higher returns.”
According to Sky News, around a quarter of the global workforce reduction of 84,000 people took place in Britain.
The losses are due to a combination of layoffs and vacancies that will not be filled after a hiring freeze was introduced last year.
The cost cuts are being led by CEO CS Venkatakrishnan – known as Venkat – in a bid to boost profits.
A spokesperson said: 'Barclays has cut around 5,000 employees globally until 2023 as part of its ongoing efficiency program designed to simplify and transform the business, improve service and deliver higher returns.'