Barclays has revealed plans to cut certain roles in its US consumer banking division as part of its global cost-cutting efforts. The move will affect 3% of its workforce.
The decision is intended to make the business run more efficiently and effectively, as well as to increase profits. The global banking sector is experiencing a downturn as a result of the uncertain economic climate and inflation. Furthermore, traditional banking is being challenged by the fintech industry, which is causing a shift in the traditional banking landscape.
Although the specific job roles affected are not yet known, the company has stated that it will provide transition services to all impacted employees.
According to a Reuters report from last month, the bank has already begun planning strategies to eliminate hundreds of positions in its local retail banking sector and reduce its workforce in the investment banking division.
The bank recently warned that an increase in expected unemployment rates in the United States could result in customers failing to make payments.
Barclays is a multinational financial institution based in the United Kingdom. With roots dating back to the 17th century, it has emerged as a major player in the global banking and financial services industry.
Retail and commercial banking, investment banking, and wealth management are among the services provided by the bank. It has operations in several countries, including India, and serves millions of customers worldwide.