Barclays says it has removed 5,000 jobs as part of an ongoing efficiency programme, with the majority of those affected working in support and UK chief operating officer functions. The bank stated that the job cuts were made to reduce management layers and improve technology and automation capabilities.
Last month, Barclays closed several stores in the North East, sparking outrage among local residents. This announcement comes after trade union Unite revealed that the bank had cut 900 jobs in its UK business the previous year, with the union condemning the decision as “disgraceful.”
The spokesperson for Barclays confirmed that the bank is providing support to impacted colleagues through training, advice, and outplacement services. Additionally, the group is aiming to selectively hire front office roles in key businesses.
Barclays had previously cut costs in retail and investment banking and is now creating capacity to hire front office roles while reducing management layers and improving technology and automation capabilities.
The bank’s Execution Services division, known internally as BX, was established in 2017 to streamline support functions for the UK retail banking and international businesses.