As part of global cost-cutting efforts, Barclays has revealed plans to cut certain roles in its US consumer-banking division. The move will impact 3 per cent of its workforce.
The decision is aimed at facilitating the business more efficiently and effectively and increasing profits. Amid the uncertain economic climate and inflation, the global banking sector is facing a downturn. Additionally, traditional banking is facing stiff competition from the fintech industry, which is causing a transformation in the traditional banking landscape.
Although the specific job roles impacted are not yet clear, the company has stated that it will help all impacted employees with transition services.
The bank has already begun preparing strategies to eliminate hundreds of positions in its local retail- banking sector and reduce its workforce in the investment-banking division, according to a Reuters report from last month.
Recently, the bank cautioned that an increase in expected unemployment rates in the US could result in customers failing to make their payments.
Barclays is a multinational financial institution headquartered in the UK. With a history dating back to the 17th century, it has established itself as a major player in the global banking and financial services industry.
The bank offers a wide range of services, including retail and commercial banking, investment banking and wealth management. It operates in various countries, including India, serving millions of customers worldwide.
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