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Barclays PLC (NYSE:BCS) 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.
As per the report, the job cuts come after a torrid 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% Y/Y decrease in total income in fourth-quarter FY23, with an attributable loss of £0.1 billion.
Barclays projects NII excluding Barclays Investment Bank and Head Office Of £10.7 billion, of which Barclays UK NII of c. £6.1 billion in 2024.
In a separate release, Barclays raised the purchase price of certain cash tender offers and consent solicitations.
Also Read: Barclays Bets Big on Green Transition, Reportedly Turns Up the Heat on Oil & Gas Lending
Price Action: BCS shares are up 0.86% at $9.35 premarket on the last check Thursday.
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Posted In: BCS
