Barclays Bank Layoffs: UK’s multinational Barclays Bank is preparing for major layoffs. According to the news of news agency Reuters, at least 2,000 employees can be fired for cost cutting of 1 billion pounds or 1.25 billion dollars. Barclays Bank is the 10th largest bank in the world and has more than 81,000 employees. The bank was established 333 years ago in 1690.
Will Indian employees be affected?
Amidst the news of large-scale layoffs in Barclays Bank, the biggest question is whether it will affect the employees working in India? According to the news of Reuters, this retrenchment of Barclays Bank is going to affect mainly the employees working in the British bank office. The bank’s managers are busy in the review work and if the company goes ahead with its plan, the jobs of at least 1500 to 2000 employees may be in danger.
The target is to cut expenses by 1 billion pounds
Giving information on this matter, Barclays CEO CS Venkatakrishnan has said that the bank is planning to cut expenses by a total of billion pounds in the coming days. The impact of the cuts will be greatest on the employees working in Barclays Execution Services, known as BX.
According to Reuters news, Barclays is trying to cut down on long-term retail and investment expenses. For this, the option of layoff is also being adopted. Along with this, the bank has also cut the bonus of the employees. The bank wants to improve its cost to income ratio through this retrenchment and this is one of the big priorities of CEO CS Venkatakrishnan.
