Exclusive: Barclays working on $1.25 billion cost plan, could cut up to 2,000 jobs -source
Exclusive: Barclays working on $1.25 billion cost plan, could cut up to 2,000 jobs -source
Barclays is working on plans to save as much as 1 billion pounds ($1.25 billion), which could involve cutting as many as 2,000 jobs, mainly in the British bank's back office, a person with direct knowledge of the proposals told Reuters.
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The potential cuts would primarily be at Barclays Execution Services, known internally as 'BX', and would form part of an overall target of reducing expenses by up to 1 billion pounds across the group over several years, the person added.
Barclays has made efforts to reduce expenses in recent years by slashing bonuses, as well as jobs in its retail and investment banking businesses, but moves to shrink BX and the potential savings have not been reported before.
Venkat is under pressure to find ways to boost Barclays' tumbling book value ahead of an investor presentation in February when he will unveil a fresh strategy.
Since taking over as CEO, the veteran banker has grappled with the fallout from a trading blunder that cost the bank hundreds of millions of dollars.
Venkat signalled on Oct 23 that Barclays will embark on further restructuring in preparation for its Feb. 20 presentation, which is seen as a key opportunity for the bank to convince shareholders that it has a plan to lift its valuation.
Barclays has been working with Boston Consulting Group on a strategy review, focused on which parts of the business to invest in and which should be reduced or sold.
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