Global Banking Giant Announces Mass Layoffs in New Jersey
Barclays Service Corporation, a subsidiary of global financial services behemoth Barclays, has announced a large workers decrease at its Whippany, New Jersey, location. The downsizing would affect 244 employees, according to a WARN notice filed with the New Jersey Department of Labor. The layoffs will take place in two stages: February 13th, 2024 and March 15th, 2024. This move is part of Barclays’ broader global aim to streamline processes and decrease expenses.
The Whippany layoffs reflect Barclays’ financial challenges and efforts to improve profitability. According to Reuters, Barclays is working on plans to save up to $1.25 billion, which might result in the elimination of up to 2,000 positions, largely in back-office activities. As part of this global restructuring plan, the Whippany location is seeing the immediate effects of these cost-cutting initiatives.
The decision to downsize the staff in New Jersey is consistent with the company-wide evaluation led by C.S. Venkatakrishnan, also known as Venkat. The goal of this assessment is to increase profitability and efficiency across all of Barclays’ activities. The Whippany facility, which supports numerous departments within the Barclays group, is now confronted with the reality of this worldwide strategy shift.
The layoffs in New Jersey underscore the difficulties that Barclays is facing. The bank has been under pressure to streamline its operations and cut costs, having already eliminated jobs in its retail and investment banking divisions. As a result, the Whippany layoffs are not isolated instances, but rather part of a bigger, strategic reorganization inside the company.
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