Barclays poised to implement $1.25B cost cutting plan, Reuters reports

Barclays is developing plans to save up to $1.25B, which could involve cutting as many as 2,000 jobs, mainly in the bank’s back office, Reuters’ Sinead Cruise and Lawrence White report, citing a person with direct knowledge of the proposals. Managers at Barclays, led by Chief Executive C.S. Venkatakrishnan who is known within the bank as Venkat, are reviewing proposals aimed at boosting profitability. As part of these, 1,500 to 2,000 jobs could be slashed if the plans are implemented in full, the person said.