Barclays (LON:BARC) Bank is preparing to lay off over 450 employees from its U.K. consumer-facing unit as part of a plan to increase efficiency, according to a report by Bloomberg citing trade union Unite. The majority of the roles expected to be cut are head office roles, including positions at the vice-president level. This move comes as the bank is also planning to eliminate about 5% of client-facing staff in the trading division as well as some dealmakers globally.
"We continue to review and adapt our operations based on the ways customers are choosing to interact with us," a Barclays spokesperson said earlier this week. "These changes will enable greater collaboration across our teams, allowing us to continue to improve service for customers and clients."
Last week, Barclays discussed its plans to streamline U.K. operations with Unite. The trade union opposes the job cuts and has called them unnecessary. "Unite is opposed to these job losses and has called on Barclays to commit to no compulsory job losses," national officer Dominic Hook said in an emailed statement reported by Bloomberg.
The recent round of job cuts is intended to reduce Barclays' cost-to-income ratio. For Barclays Chief Executive Officer CS Venkatkrishnan, efficiency is a top priority. During the first half of this year, the company spent about $87 million restructuring its operations worldwide.
In related news, Barclays recently reshuffled its top management in India. Pramod Kumar was appointed as the new Chief Executive Officer, replacing Ram Gopal who stepped down after six years of service. Additionally, Suneeta Shetty from HSBC Holdings Plc (LON:HSBA) was hired as the India Chief Operating Officer. Over the past decade, Barclays' turnover in India has more than tripled, outperforming other key Asian markets like Singapore or Hong Kong.
On July 27, 2023, the FTSE 100-listed group reported a net attributable profit of GBP 1.33 billion ($1.66 billion), up from GBP 1.07 billion and beating market forecasts for GBP 1.24 billion.
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