Barclays, a British financial institution, is said to be in the process of considering a significant staff reduction, possibly set to take place next week, as part of its cost-cutting measures. The UK bank is contemplating downsizing its workforce in the domestic retail sector, with the potential to eliminate up to 400 positions.
According to sources familiar with the situation as reported by Bloomberg, Barclays is considering trimming its workforce by nearly 5 per cent in the trading division, which includes client-facing staff as well as some stakeholders on a global scale.
Additionally, Barclays is apparently gearing up for a reorganisation within its UK consumer banking unit, as per a statement from a Barclays spokesperson. The spokesperson also noted that the company regularly assesses its operations to ensure it continues to meet the changing demands of its customers and clients efficiently and effectively.
Barclays closed its branches at 32 Market Place, Warminster, and Sibson Road, Birstall, Leicester in June, due to a decline in over-the-counter transactions, with 84 per cent of customers using online or telephone services. Town councillors in Warminster express concern for elderly residents who rely on physical branches. Barclays suggests using post offices and nearby branches, emphasising that only 128 customers exclusively use the Warminster branch, and 25 per cent have already shifted to other branches in the past year.
