Barclays Plc is working on plans to reduce costs by as much as a £1 billion ($1.3 billion), which could involve slashing as many as 2,000 jobs, according to Reuters.
Any cuts would be primarily at Barclays Execution Services, the unit that encompasses the group’s back office, Reuters said, citing a person it didn’t name. The moves to boost profitability could see 1,500 to 2,000 jobs shed if implemented in full.
The bank said last month that it’s “evaluating actions to reduce structural costs to help drive future returns, which may result in material additional charges” in the fourth quarter. It said it will provide an investor update alongside full-year results in February.
The lender, whose third-quarter results disappointed investors after it reduced its outlook for net interest margin this year, had total operating expenses of £16.7 billion last year.
Barclays shares are down 11.5% this year. Earlier this year, Chief Executive Officer C.S. Venkatakrishnan turned to strategy advisers to hash out a plan to boost the bank’s lagging share price.
Read More: Barclays Plans Cost Cuts After Trading Miss, Lower Guidance
