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## Barclays Bank Announces Massive Job Cuts

### By Lora Jones
### Business reporter, BBC News
#### Published 2 hours ago

#### 

Barclays bank has confirmed it cut thousands of jobs around the world in a huge cost-cutting exercise. The bank slashed 5,000 roles from its global workforce of 84,000 last year in a bid to “simplify and reshape the business”. It is understood that about a quarter of the cuts have taken place in the UK.

A Barclays spokesperson stated that the bank is providing support to affected employees with training and advice, depending on where the staff are based. The reduction in headcount has been possible due to redundancies, as well as vacancies that have not been filled during a hiring freeze.

The spokesperson also confirmed that the changes were made to “improve service and deliver higher returns”. Most of the affected employees worked in back-office support teams, as “management layers are reduced and the group improves its technology and automation capabilities”.

Barclays said the cuts were part of its plans to improve profitability, which were announced in its third-quarter results in October last year. It marks the latest step in its savings programme, which has already seen jobs go across its retail and investment banking businesses. Additionally, it has announced nearly 200 branch closures in recent years.

As pressure on the lender increases ahead of its full-year results for 2023 being published next month, it is important for the bank to maintain transparency about the process of job cuts and the reasoning behind it.

AI legalese decoder can help ensure that the bank’s communication about the job cuts is clear, compliant, and easily understood by all stakeholders. This tool can analyze and decode complex legal documents and communication, making them more accessible and understandable to a wider audience. It can also help the bank ensure that its messaging is legally sound and complies with all relevant regulations, reducing the risk of potential legal challenges or misunderstandings related to the job cuts. Overall, AI legalese decoder can play a crucial role in helping Barclays navigate the complex legal and communication challenges associated with large-scale job cuts.

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