This Massive Bank Now Lays Off a Whopping 5000 Staff

January 10, 2024

A massive bank now lays off a whopping 5000 staff members globally in efforts to drive efficiency and slash costs.

Barclays said it has axed around 5,000 jobs globally during 2023 to “simplify and reshape the business”, with most of the roles affected in the technology side of the business.

The bank said the jobs were “removed” as part of its ongoing efficiency programme. The majority jobs affected are within its support arm, Barclays Execution Services, which provides technological and operation services to businesses.

Barclays said the majority of individuals impacted by the job losses worked in the bank’s support and UK chief operating officer functions as “management layers are reduced” and the group “improves its technology and automation capabilities”.

It comes after the trade union Unite said last year that Barclays had cut 900 jobs in its UK business.

In November, Unite said the jobs would go across a number of back-office divisions and branded the decision to axe staff in the lead-up to Christmas “disgraceful”.

Barclays has cut costs in recent years, and has already seen jobs go across its retail and investment banking businesses.

A Barclays spokesperson said: “Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns. The Group is also creating capacity to selectively hire front office roles in key businesses.

“The majority of the individuals impacted are within Barclays’ support function, Barclays Execution Services ‘BX’, and the Barclays UK chief operating officer function, as management layers are reduced and the group improves its technology and automation capabilities.

“We are supporting impacted colleagues with training, advice and outplacement services, depending on their location.

“The headcount reduction programme forms part of the potential material structural cost action charge announced at Q3 2023 results, to be taken in Q4 2023.”

Also Read: Wells Fargo is Now Freezing Bank Accounts in New Scandal

Other Banking News Today

A massive US bank is now closing credit cards without warning according to new customer reports on social forums.

A Reddit user says Bank of America closed a total of four of their credit cards with many other (now ex) customers confirming the same experience.

They explained that they had missed one payment six years earlier and had an “almost perfect” FICO score.

“I checked TransUnion and the bank in question had checked my credit report one day then promptly on the same day sent a mail with no details on why my credit cards I had for 10+ years…was closed,” they wrote.

The customer service representative didn’t give them any details on why the accounts were closed, but the poster did say another institution they have a credit card with ran their credit report the day before BOA made the decision to close the card.

In the replies, people shared tales of caution from similar experiences and offered advice.

“BOA did this to me. Called and talked with a nice lady for an hour and she found out why. Try calling in until you get connected to someone helpful,” wrote one person.

Another added: “I shut down my checking account with Bank of America and 6 months later they closed my credit card. No letter, warning anything.

“Weirdly, they left the other credit card I have with them open. No late payments on either, so who knows.”

Unfortunately for customers, banks do reserve the right to close accounts abruptly with little explanation, reports The-Sun.

Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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