HANOVER – Barclays Service Corporation, a subsidiary of global financial giant Barclays, is reducing its workforce at its Whippany campus. A WARN notice filed with the New Jersey Department of Labor states that 244 employees will be affected, with layoffs occurring in two phases: February 13, 2024, and March 15, 2024. This move is part of Barclays’ broader strategy to cut costs globally, aiming to save up to $1.25 billion and potentially eliminate around 2,000 jobs, mainly in back-office operations.
The decision aligns with CEO C.S. Venkatakrishnan’s company-wide review to enhance profitability and efficiency. The Whippany campus, which supports various functions within Barclays, is directly impacted by this global shift.
These layoffs reflect the challenges Barclays faces, as it strives to streamline operations and reduce expenses, following previous cuts in retail and investment banking. The Whippany layoffs are part of a larger, strategic realignment within the company.
