Barclays lays off 3000 people citing challenging business conditions

Hurt by the weaker business conditions in the second quarter, Barclays has cut 3,000 jobs as net profit slides 19 percent.

“The bank has cut 3,000 jobs in the second quarter as the firm sought to keep a tight grip on expenses and counter-criticism over its ability to reach profitability targets,” said Barclays Plc Chief Executive Officer Jes Staley.

Barclays Finance Director Tushar Morzaria told journalists on Thursday that “the cuts were not concentrated in a particular area, but across the board, and in divisions that weren’t generating returns.”

With this deduction in its workforce, Barclays has now joined other European lenders who have done similar cuts in recent months. The banks who have made such cuts include HSBC Holding Plc and Societe Generale SA.

As in December 2018, Barclays had 83,500 employees worldwide.

“The job reductions will be felt in the cost numbers in the second half,” Staley said.

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