Layoffs Impact 2024: Barclays is planning to cut jobs in its investment bank division to make more money. This move is in response to concerns from investors. The layoffs will affect several hundred employees working in global markets, research, and investment banking. They are expected to happen in the next few months as part of the company’s yearly process of letting go of employees who are not performing well. Other big banks like Citigroup Inc. and JPMorgan Chase & Co. have also been cutting jobs because there haven’t been as many deals happening in the world.
According to a statement sent by Barclays via email, the company regularly looks at its employees to make sure it has the best people to do the job, carry out its plans, and serve its customers well. However, they haven’t decided exactly how many people will be affected by this year’s review yet. They’re still working on it.
Barclays is cutting jobs because they want to make more money from their investment bank division. Investors have been asking if the company’s Wall Street operations are really worth it because the investment bank uses up more money than other parts of the company. The CEO, C.S. Venkatakrishnan, has a plan to make the unit more profitable by concentrating on advising clients. As a result, the company is now focusing its efforts on industries it thinks will be busier in the future.
C.S. Venkatakrishnan explained that they want the investment bank to do two things: grow and contribute more, while using up fewer resources. In simpler terms, they want the investment bank to make more money and be more efficient. This means they want it to be more profitable and not cost as much to run. They’re aiming for a balance where the investment bank brings in more revenue but doesn’t require as much investment from the company.
He also mentioned that the investment bank is really important for Barclays and will always be a big part of the company. However, he emphasized that there’s still a lot of work to be done. They want the investment bank to make more money compared to what they put into it. In simpler terms, they want it to be more profitable. Additionally, they want the investment bank to become a smaller part of Barclays in comparison to other areas of the company. This means they want it to take up less of the company’s resources and focus.
Also Read: Large Number of Layoffs Occurred Last Year in the United States. What About 2024?
