“We review our business regularly to ensure we are operating as effectively and efficiently as possible,” a Barclays spokesperson said in a statement. “These decisions are never easy and employees whose roles have been affected will receive a full range of transition services.”
On Tuesday, Barclays announced it would undertake a new round of restructuring in the coming months, aiming to cut costs and improve efficiency across the bank in a bid to boost profits.
However, the firm’s shares fell 6% on Tuesday, as the British bank’s long-suffering investors digested its pessimistic outlook for its domestic market.
Chief Executive CS Venkatakrishnan said the bank will brief investors on the affected areas when Barclays reports its annual results in February.
The lender is already drawing up plans to cut hundreds of jobs at its national retail bank and cut staff at its investment bank, Reuters reported last month.
Barclays’ consumer, cards and payments business, which houses the US division hit by recent job cuts, has been a source of strength for the bank in recent quarters as growth in credit card balances Thanks to the $3.8 billion acquisition of retailer Gap Inc’s portfolio GPS.N has boosted revenue.
However, the outlook for this business is now bleaker, with the bank warning on Tuesday that rising unemployment in the United States could cause customers to default.