Barclays PLC is reportedly preparing to cut hundreds of jobs across its investment bank to dismiss under-performers in the division. The headcount reductions are a result of the bank’s annual review process and are expected to take place in the coming months, as per Reuters.
“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients,” the report quoted Barclays.
The job cuts come after a challenging year of dealmaking for the wider banking industry. Barclays is aiming to revise its strategy to prioritize the expansion of its higher-returning consumer bank.
In November 2023, Barclays reportedly planned to trim as many as 2,000 jobs to save costs and boost its profitability. Last month, the bank reported a 3% year-over-year decrease in total income in the fourth quarter of FY23, with an attributable loss of £0.1 billion.
Barclays projects Net Interest Income (NII) excluding Barclays Investment Bank and Head Office of £10.7 billion, with Barclays UK NII of approximately £6.1 billion in 2024. In a separate release, Barclays raised the purchase price of certain cash tender offers and consent solicitations.
Barclays’ shares are up 0.86% at $9.35 premarket on the last check Thursday. The bank continues to navigate through challenges in the industry and adjust its strategy to remain competitive and profitable in the market.
