Barclays said on Monday that it had reduced its workforce by about 5,000 in 2023 as part of a major cost-cutting initiative it had announced last year.
Most of those cuts were in Barclays Execution Services, the lender’s support unit.
“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,” a spokesperson for the financial group was quoted as saying by Reuters.
The reductions are part of a plan of “material structural cost actions”, which Chief Executive Officer C.S. Venkatakrishnan announced in 2023 in an effort to increase profitability ahead of a presentation to investors in February alongside the group’s full-year results.
The shares of Barclays PLC (BARC) were last losing 0.61% (0.94 pence) to trade at 153.88 pence in London on Tuesday, as they extended the loss from the previous market session.
The financial group’s total market cap now stands at GBP 23.332 billion.
The shares of Barclays PLC went down 2.99% in 2023.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
