Barclays bank 'cuts 5,000 jobs in major cost-cutting drive for 2024'

08 January 2024 , 16:42

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5000 jobs are being cut from Barclay's global workforce (Image: PA)

Barclays has reportedly removed 5,000 roles from its global workforce in a major cost-cutting exercise.

Rougly 5,000 jobs were shed from the 84,000-strong British bank throughout 2023, with a quarter of reductions having taken place in UK operations.

A combination of redundancies and vacancies have been implemented, that won't be filled due to a hiring freeze in the middle of last year, an insider has told Sky News. The reduction is more than double the figure originally circulated late last year. It's one of the largest cost-cutting drives at the banking giant since the financial crisis in 2008.

The redundancies have already been implemented, but the bank is yet to announced them formally to the public. In statement today, a Barclay's spokesman said: "Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns. The group is also creating capacity to selectively hire front office roles in key businesses."

"The majority of the individuals impacted are within Barclays' support function, Barclays Execution Services "BX", and the Barclays UK Chief Operating Officer function, as management layers are reduced and the Group improves its technology and automation capabilities." "Impacted colleagues" are being offered training, advice and outplacement services", the bank added.

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At the start of December, Barclays announced it would be closing another 18 bank branches over the next few months. The banking giant is set to shut 13 sites in England, three in Wales, and two in Scotland. This round of closures will majority take place in March next year however one branch - the Market Place in Richmond - will close in December 2024.

This is the second round of closures announced by the banking group. Barclays announced it was to close 16 branches in February next year. In England, 13 sites will be closed whilst one branch will be closed in Wales and two in Northern Ireland. In November Barclays announced the closure of 34 sites.

Over the last few years, more and more banks have announced branch closures as people choose to do their banking online. Which? estimates that banks and building societies have closed, or have scheduled to close, nearly 6,000 high street branches since January 2015.

This works out at around 54 branches each month - and there are more coming this year and going into 2024. This week Lloyds Banking Group announced plans to shut another 45 bank branches. This announcement meant that at least 276 branches will be shut across Lloyds, Halifax and Bank of Scotland this year and next.

Ryan Fahey