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Barclays Lays Off 3 Percent Of Its Workforce

The move is directed to ensure improved cost efficiency and restructuring of the Bank's business in the U.S.

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Barclays announced on Thursday that it is laying off 3 percent of its workforce in the US consumer bank division in a bid to ensure cost efficiency.

The global banking industry is undergoing a slump in the current economic reality. The fintech industry is giving the consumer banking industry some tough competition as the traditional banking industry is undergoing a transition. The aspects of inflation and its impact on the banking business cannot be ignored. 

While details of the nature of the roles affected are unclear, Barclays' commitment to restructure its business in the US market is underway.



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