Barclays is working on plans to save up to £1billion ($1.25billion), which could involve cutting as many as 2,000 jobs, a person with direct knowledge of the proposals has reportedly said.
The cuts would mainly be in the bank’s back office, according to the news agency Reuters.
Managers at Barclays are reportedly reviewing proposals aimed at boosting profitability.
As part of these measures, 1,500 to 2,000 jobs could be cut if the plans are implemented in full, the source told Reuters.
Barclays could cut up to 2,000 back office job roles
PA
A spokesperson for Barclays declined to comment on Thursday.
GB News has contacted Barclays asking for comment.
The potential cuts would primarily be at Barclays Execution Services, known internally as “BX”, it’s understood.
They would reportedly form part of an overall target of reducing expenses by up to £1billion across the banking group over several years, the person added.
The scale of these potential savings could reassure investors, given market forecasts had ranged from £500million to £1.5billion in restructuring costs for the bank without much sense of how it would translate into savings, analysts said.
Benjamin Toms, an analyst at RBC, said: “Before today the market knew roughly how much this might cost but not what the benefits are, which now becomes clearer.
“This will be viewed as a net positive for investors, but we now need to see more detail on how long the benefits will take to appear.”
Barclays told staff it was planning to cut around 450 jobs across the business in September.
A spokesperson for the bank said at the time: “We continue to review and adapt our operations based on the ways customers are choosing to interact with us.
“These changes will enable greater collaboration across our teams, allowing us to continue to improve service for customers and clients.
“We are committed to supporting colleagues through this change, working closely with Unite.”
