Barclays cut 5,000 jobs in 2023 in bid to ‘simplify and reshape’
Barclays axed roughly 5,000 positions from its 84,000-strong workforce in 2023, with about a quarter of these in its UK operations, the bank confirmed yesterday.
The number of job cut significantly surpasses previous figures suspected at the end of last year.
A Barclays spokesperson said: “Barclays removed approximately 5,000 headcounts 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 the capacity to selectively hire front office roles in key businesses.
“The majority of the individuals impacted are within the 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,” they added.
Job losses were reportedly a result of both redundancies and unfilled vacancies following a hiring freeze implemented midway through last year, according to Sky News.
This downsizing effort forms part of a larger structural cost action charge announced in October following weak third-quarter results.
A month later, employee union Unite announced that the bank planned to cut 900 roles in Britain by the new year.
The union’s general secretary, Sharon Graham, said: “Barclays is disgracefully cutting jobs to further boost its massive profits. This is a mega-rich bank that is already on course to make eye-watering profits this year.”