Barclays Confirms 5,000 Global Job Cuts in Major Cost-Cutting Drive

The British banking giant aims to improve service and profitability, with the majority of cuts occurring in its support unit.

Barclays bank confirmed it cut 5,000 jobs globally in 2023 as part of a major cost-cutting drive.
The majority of the job cuts occurred in the bank's support unit, Barclays Execution Services.
The job cuts were made through redundancies and unfilled vacancies following a hiring freeze.
Barclays' cost-cutting measures are aimed at improving service, delivering higher returns, and boosting profitability.
The bank is expected to face increased scrutiny and pressure ahead of its full-year results for 2023 being published next month.