Market Chatter: Barclays Plans Staff Redeployment Alongside 5,000 Job Cuts

MT Newswires Live10-23

Barclays (BCS) will offer employees the chance to move into other teams and prioritize internal moves for vacant roles over external hiring as it cuts 5% of its workforce this year, Bloomberg News reported Friday, citing Chief Executive Officer CS Venkatakrishnan's remarks to staff.

About 5,000 jobs are expected to be cut, though some affected employees can apply for open positions at the bank, Bloomberg reported.

Staff have raised concerns about an unclear timeline for the staff cuts and uncertainty over which locations and functions are being considered, the news outlet reported, citing sources familiar with the matter.

Barclays did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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