Barclays Plc (BARC.L) is laying off dozens of staff in its U.S. consumer banking division as part of a global drive to cut costs, according to a source familiar with the situation.
is laying off dozens of staff in its U.S. consumer banking division as part of a global drive to cut costs, according to a source familiar with the situation.
The redundancies account for about 3% of employees in the bank's U.S. consumer division, said the source, who declined to be identified discussing personnel matters. The staff were informed earlier this week, the person said. "We review our business on a regular basis to ensure we are operating as effectively and efficiently as possible," a spokesperson for Barclays said in a statement. "These decisions are never easy and employees whose roles have been impacted will receive a full range of transition services."
Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc.
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