Barclays (NYSE:BCS) layoffs are coming to the financial services company reportedly plans to cut hundreds of jobs to reduce operating expenses.
According to these reports from insiders, Barclays will be focusing on its investment banking division when it reveals the layoffs. Those close to the matter claim that this is part of the company’s annual review process.
The job cuts won’t come all at once as Barclays takes time to evaluate the performance of its employees. This has insiders claiming that the layoffs will stretch across a three-month period.
Barclays gave the following statement to Reuters when asked about the layoffs.
“We regularly review our talent pool to ensure that we can invest in high-performing talent, execute on our strategy, and deliver for our clients.”
Barclays Joins Wall Street Layoffs Trend
BCS isn’t the only major player on Wall Street that has been cutting jobs recently. Both Citigroup (NYSE:C) and JPMorgan Chase (NYSE:JPM) have also announced layoffs recently.
This is also part of a larger layoffs movement over the last couple of years. Many companies overhired to meet growing demand during the pandemic. That’s seen several of them laying off workers to adjust for decreased demand alongside increased inflation.
BCS stock is up 2.2% as of Thursday morning. The stock is also up 20% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
