Barclays Plc said its global head count dropped by about 6% over 2023, the most visible sign yet of the bank's cost-cutting push.
The lender said in an emailed statement that it had "removed approximately 5,000 head count globally through 2023 as part of its ongoing efficiency program." The majority of those affected are within the group's support functions, reflecting the removal of management layers and improved technology and automation capabilities, according to the statement.
The bank had an average of 83,928 employees globally in 2022, according to a
Chief Executive Officer C.S. Venkatakrishnan is struggling to revive the bank's stock, which has lagged behind peers and fallen by a tenth in the last 12 months. In the United Kingdom, the tailwind from higher interest rates is slowing while Barclays' traders and investment bankers have struggled to keep pace with rivals on Wall Street.
Management tapped Boston Consulting Group last year for a wide-ranging review of the firm's strategy. The bank said in October that it's "evaluating actions to reduce structural costs to help drive future returns, which may result in material additional charges" in the fourth quarter. It said it would also provide an investor update alongside full-year results in February, when it is expected to unveil a fresh strategy.
Despite the cuts, the bank is still adding staff in some areas. Barclays said in the statement it continues to "selectively hire front-office roles in key businesses."
