Barclays to Lay off Some US Consumer Bank Workers to Streamline Unit

By Joe Hoppe

Barclays will lay off a number of employees in its U.S. consumer bank division, in a bid to cut costs and streamline the business.

The British banking giant will lay off dozens of employees, equivalent to around 3% of the unit's workforce, Reuters reported Wednesday, citing an unnamed source familiar with the situation.

A Barclays U.S. Consumer Bank spokesperson said Wednesday to Dow Jones Newswires that the company had recently streamlined and simplified the division's operating model, which resulted in a limited number of roles being made redundant.

"We review our business on a regular basis to ensure we are operating as effectively and efficiently as possible to best serve our customers, clients and shareholders," the spokesperson said.

"These decisions are never easy and employees whose roles have been impacted will receive a full range of transition services, including severance and job outplacement support."

On Tuesday, the bank said it could potentially book one-off material costs in the fourth-quarter from measures aimed at cutting structural costs, which it expects to help drive future returns. An update on cost efficiencies, disciplined capital allocation and revised financial targets will be set out at full-year results in February, it then added.

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(END) Dow Jones Newswires

October 25, 2023 10:37 ET (14:37 GMT)

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