Barclays bank to lay off over 450 employees in UK

Currently, the bank is planning and identifying roles that needs to be cut. Majority of the roles are expected to be in head office roles, including at vice-president level. 

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The recent job cut has come at a time when the company is also planning to cull about 5% of client-facing staff in the trading division as well some dealmakers globally.

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“We continue to review and adapt our operations based on the ways customers are choosing to interact with us,” a Barclays spokesperson said. “These changes will enable greater collaboration across our teams, allowing us to continue to improve service for customers and clients.”

Last week, the bank was in discussion with Unite about its plans to streamline UK operations. The trade union is opposing the job cut and has also called the recent lay off unnecessary. 

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“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 BB.

The recent roud of job cuts are planned to reduce Barclays, cost-to-income ration. For Barclays Chief Executive Officer CS Venkatkrishnan, efficiency of the bank is of utmost priority. During the first half of the year, the company spend about $87 million to restructure its operations across the globe.

In India,, Barclays performed a rejig of its top management. The major overseas lender appointed Pramod Kumar as the new Chief Executive Officer. Pramod replaced ram Gopal who stepped down from the position after six years of his service. Other than this, the bank also hired Suneeta Shetty from HSBC Holdings Plc as its Inda Chief Operating Officer. The company’s turnover in India more than tripled over a decade. The company performed way much better in India compared to other key Asian markets like Singapore or Hong Kong. 

Updated: 12 Sep 2023, 07:33 PM IST