Barclays PLC (LSE:BARC) cut 5,000 jobs over the course of last year in a bid to reduce costs and as “technology and automation” improved.
Marking the most substantial cuts at the bank since the 2008 financial crisis, reductions are said to have taken the form of both redundancies and vacancies, as per Sky News.
Reductions were made across Barclays’ 84,000-strong global workforce, with about a quarter thought to have hit the bank’s UK operations.
Barclays confirmed the cuts in a statement, explaining they were “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,” Barclays added.
“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.”
Barclays also confirmed the cuts were part of a “headcount reduction programme”, which came to light through reports in November.