Barclays Cutting 450 in UK, Possibly 5% of Global Trading Division

Barclays will cut 450 employees from its domestic retail business in the U.K. this week, according to Bloomberg.

The move is part of a two-pronged plan that could also see 5% of the bank’s client-facing employees in its global trading division let go.

People familiar with the layoffs tell news outlets that the cuts are part of Barclays’ annual campaign to fire underperforming employees.

“We always continually modulate and modify that workforce,” Barclays CEO C.S. Venkatakrishnan told CNBC on Monday.

“What you see at Barclays is no different than what you see anywhere else.”

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