Barclays to lay off dozens of US consumer banking staff
Barclays plans to lay off dozens of employees within its US consumer banking sector as part of a worldwide initiative to reduce expenses, as per Reuters. The job cuts represent roughly 3% of the workforce in the bank's US consumer division. The affected employees were notified earlier this week, according to the publication.
Barclays' statement on layoffs
A Barclays spokesperson commented on the situation, stating, "We review our business on a regular basis to ensure we are operating as effectively and efficiently as possible." They also mentioned that "these decisions are never easy and employees whose roles have been impacted will receive a full range of transition services." This action is part of the bank's ongoing strategy to streamline operations and minimize costs.
Barclays performed a rejig of its top management in India
Barclays in India made some big changes in its top management. Pramod Kumar is the new CEO, taking over from Ram Gopal, who served for six years and stepped down. They also hired Suneeta Shetty from HSBC as the Chief Operating Officer in India. The bank's business in India grew over three times in the past 10 years, performing much better compared to places like Singapore and Hong Kong in Asia.
