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Barclays Implements Workforce Reduction Amidst Global Cost-Cutting Strategy

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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.

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Frank Cahill
Frank Cahillhttps://www.frankcahill.com
Publisher of Parsippany Focus since 1989 and Morris Focus since January 1, 2019, both covering a wide range of events. Mr. Cahill serves as the Executive Board Member of the Parsippany Area Chamber of Commerce, Lt. Governor of Division 9 Kiwanis Club of NJ, and Chairman of the Parsippany-Troy Hills Economic Development Advisory Board. Owner of the Morris now app serving small business in Morris County.
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