Barclays, the British banking giant, is taking steps to cut costs and streamline its business by laying off employees in its U.S. consumer bank division. According to an unnamed source familiar with the situation, dozens of employees, equivalent to approximately 3% of the division’s workforce, will be affected.
A spokesperson for Barclays U.S. Consumer Bank stated that the company had recently simplified and streamlined the division’s operating model, which resulted in a limited number of redundant roles. The spokesperson emphasized that regular reviews are conducted to ensure the business operates efficiently and effectively for customers, clients, and shareholders.
Barclays acknowledges the difficulty of these decisions and has committed to providing comprehensive support to impacted employees, including severance packages and assistance with finding new job opportunities.
The bank announced on Tuesday that it may incur one-off material costs in the fourth quarter as part of measures to reduce structural costs. These measures are expected to contribute to improved future returns. More information on cost efficiencies, disciplined capital allocation, and revised financial targets will be provided at the full-year results announcement in February.