Barclays bank (BCS) is planning to cut 2,000 jobs as part of a $1.25 billion U.S. cost reduction plan.
The British lender said that most of the jobs will be eliminated in its back office. The cost cuts come as Barclays seeks to boost its profitability.
Barclays has reduced its expenses in recent years by cutting or eliminating bonuses, as well as jobs in its retail and investment banking units.
The lender’s current cost savings goal would represent about 7% of the bank's annual operating expenses of $18 billion U.S.
Executives at Barclays are under pressure to boost the bank’s share price ahead of an investor presentation scheduled for February 2024.
Barclays is still recovering from poor trading decisions in its investment banking unit that have cost the bank hundreds of millions of dollars in losses.
The stock of Barclays has declined 11% this year and now trades at $7.07 U.S. per share. Over five years, the bank’s stock is down 15%.
