<p>Barclays slashed its workforce by around 5,000 jobs in 2023 as part of a major cost-cutting drive announced last year, the bank said on Monday.</p>.<p>The majority of the cuts fell in Barclays Execution Services (BX), the bank's support unit, the lender said, confirming for the first time <em>Reuters</em> reporting from last November that the lender was eyeing thousands of cuts in that division.</p>.<p>"Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns," a spokesperson for the bank said on Monday.</p>.RBI rate cut unlikely before Oct-Dec 2024: Barclays’ Bajoria.<p>The cuts form part of a plan of "material structural cost actions" announced by Chief Executive C S Venkatakrishnan last year in a bid to boost profitability ahead of a presentation to investors in February alongside the bank's annual results.</p>.<p>While the overall cost-cutting drive had already been announced by the bank and the cuts to BX had been previously reported by Reuters, the bank's statement on Monday in response to a Sky News story clarifies the scale of its efforts so far.</p>.<p>Barclays has also trimmed its UK chief operating officer function, the bank said. </p>
<p>Barclays slashed its workforce by around 5,000 jobs in 2023 as part of a major cost-cutting drive announced last year, the bank said on Monday.</p>.<p>The majority of the cuts fell in Barclays Execution Services (BX), the bank's support unit, the lender said, confirming for the first time <em>Reuters</em> reporting from last November that the lender was eyeing thousands of cuts in that division.</p>.<p>"Barclays removed approximately 5,000 headcount globally through 2023 as part of its ongoing efficiency programme designed to simplify and reshape the business, improve service, and deliver higher returns," a spokesperson for the bank said on Monday.</p>.RBI rate cut unlikely before Oct-Dec 2024: Barclays’ Bajoria.<p>The cuts form part of a plan of "material structural cost actions" announced by Chief Executive C S Venkatakrishnan last year in a bid to boost profitability ahead of a presentation to investors in February alongside the bank's annual results.</p>.<p>While the overall cost-cutting drive had already been announced by the bank and the cuts to BX had been previously reported by Reuters, the bank's statement on Monday in response to a Sky News story clarifies the scale of its efforts so far.</p>.<p>Barclays has also trimmed its UK chief operating officer function, the bank said. </p>