Barclays PLC (LSE:BARC) is drawing up restructuring plans that could involve axing as many as 2,000 jobs in a £1 billion cost-cutting drive, according to Reuters.
The job cuts would be mostly in the London-based bank's back office, Reuters said, citing "a person with direct knowledge of the proposals".
Barclays Chief Executive CS Venkatakrishnan is reviewing proposals to boost profitability, the person said. If implemented in full, from 1,500 to 2,000 jobs could be cut.
The potential cuts would primarily be at Barclays Execution Services, known internally as 'BX', and would form part of an overall target of reducing expenses by up to 1 billion pounds across the group over several years, the report added.
Last month, Barclays said it was "evaluating actions to reduce structural costs to help drive future returns", adding it expected to book "material additional charges" in the fourth quarter of 2023.