Barclays is reportedly laying off dozens of US consumer employees as part of a global cost-cutting drive.
A source familiar with the matter told Reuters that the layoffs will affect employees across a range of functions, including retail banking, wealth management, and investment banking.
The source said that the layoffs are expected to be announced in the coming weeks.
Barclays has not yet confirmed the layoffs, but the move would come as the bank is facing increasing pressure to cut costs.
The bank has been hit by a number of challenges in recent years, including the COVID-19 pandemic, the war in Ukraine, and rising interest rates.
The layoffs would be the latest in a series of cost-cutting measures taken by Barclays in recent years. In 2021,
the bank announced that it was cutting 1,200 jobs in its investment banking division. And in 2022, the bank announced that it was cutting 3,500 jobs across its global workforce.
It is unclear how many US consumer employees will be affected by the layoffs. However, the source told Reuters that the layoffs would be significant.
The layoffs are likely to have a negative impact on Barclays’ US consumer business. The business has been struggling in recent years, and the layoffs could make it more difficult for Barclays to compete with other banks in the US market.
The layoffs are also likely to have a negative impact on the US economy. The banking sector is a major employer in the US, and the layoffs could lead to job losses in other sectors of the economy.