Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Leadership's review and focus

Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions.

Targeted division and rationale

The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years.

Financial impact

Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now.

Ongoing discussions and alternatives

The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion.

Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector.

Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell.

Bottomline

As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena.

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office.

Barclays is reportedly contemplating a sweeping overhaul that could yield savings of up to £1 billion ($1.25 billion) to enhance profitability. According to Reuters, this initiative may involve shedding as many as 2,000 jobs, primarily in the bank's back office. Leadership's review and focus Barclays' top management, led by Chief Executive C.S. Venkatakrishnan, is actively reviewing proposals to bolster the bank's overall financial health. The proposed job cuts, ranging from 1,500 to 2,000 positions, could significantly impact Barclays Execution Services ('BX'), the bank's support function created in 2017 to streamline operations for its primary business divisions. Targeted division and rationale The potential cuts are expected to be concentrated within BX, with an emphasis on cost reduction. This division was designed to eliminate redundancy and implement post-crisis risk management rules. The contemplated savings contribute to Barclays' overarching goal of reducing expenses by $1.25 billion across the group over several years. Financial impact Barclays' cost-cutting target represents approximately 7% of its underlying annual operating expenses, which stood at $16.3 billion in 2022. The bank has previously tried to trim expenses by cutting bonuses and jobs in various sectors, but the focus on BX and the associated potential savings has not been reported until now. Ongoing discussions and alternatives The discussions regarding BX's headcount are ongoing, and the bank may opt to prioritize layoffs in other areas. BX's staff count has grown significantly in recent years, reaching about 22,300 by the end of 2022, constituting over a quarter of Barclays' total workforce. Staff costs at BX have also risen to $2.1 billion from $1.9 billion. Venkat, who took over as CEO in November 2021, is under pressure to enhance Barclays' declining book value. The bank's share price has fallen by 26% since Venkat assumed leadership, in contrast to Deutsche Bank's stable shares and HSBC's 37% gain. Venkat faces challenges stemming from a trading blunder that cost the bank hundreds of millions of dollars and a talent exodus hindering Barclays' competitiveness in the investment banking sector. Barclays aims to unveil a fresh strategy in February, and Venkat has hinted at further restructuring efforts. The bank is working with Boston Consulting Group on a comprehensive strategy review, assessing which parts of the business to invest in and which to potentially reduce or sell. Bottomline As Barclays navigates a complex financial landscape, the upcoming strategy presentation in February will be crucial in convincing shareholders of its plan to boost valuation and navigate industry challenges. The bank's potential cost-saving measures and job cuts reflect its need to adapt to evolving market dynamics and ensure sustained competitiveness in the global banking arena.

Barclays unveils ambitious $1.25 billion restructuring plan, contemplating 2,000 job cuts

The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting&nbsp;revenue issues in various sectors, excluding&nbsp;overseas parks.

Hulu, in which Disney has a majority stake,&nbsp;will also raise the cost of its ad-free service by $3 to $17.99 starting in October. Additionally, a new ad-free bundle that includes both Disney+ and Hulu will be available for $19.99.

Following the announcement, Disney's shares saw an almost three percent increase in after-hours trading.

CEO Bob Iger announced a rise of $1 billion in operational income for the company's streaming unit over the past three quarters, with a goal of achieving profitability by 2024.

While focusing on improving the quality of Disney's content, Iger also discussed plans to integrate the company's main sports brand, ESPN, into direct consumer streaming. Addressing ongoing challenges, he expressed a commitment to resolving writers' and actors' strikes in Hollywood, which have significantly impacted film and television production.

Disney is trying to maintain its&nbsp;subscriber base by introducing ad-supported streaming options in Europe and Canada and a new ad-free bundle for viewers in the United States.

In terms of finances, Disney's earnings for the third quarter exceeded Wall Street's expectations. It is also aiming to reduce expenses by more than the $5.5 billion.

However, Disney reported slightly lower quarterly revenue than expected, falling slightly short of analyst predictions for Disney+ subscribers in the United States.

It attracted 800,000 Disney+ customers, falling 100,000 short of analysts' expectations. Furthermore, Disney said it reduced losses at its streaming video services to $512 million in the recently-ended quarter, down from over $1.1 billion in the previous year.

(Inputs from Reuters)

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The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting revenue issues in various sectors, excluding overseas parks.

The Walt Disney Company is set to raise the price of its Disney+ streaming service, following its third-quarter results highlighting revenue issues in various sectors, excluding overseas parks. Hulu, in which Disney has a majority stake, will also raise the cost of its ad-free service by $3 to $17.99 starting in October. Additionally, a new ad-free bundle that includes both Disney+ and Hulu will be available for $19.99. Following the announcement, Disney's shares saw an almost three percent increase in after-hours trading. CEO Bob Iger announced a rise of $1 billion in operational income for the company's streaming unit over the past three quarters, with a goal of achieving profitability by 2024. While focusing on improving the quality of Disney's content, Iger also discussed plans to integrate the company's main sports brand, ESPN, into direct consumer streaming. Addressing ongoing challenges, he expressed a commitment to resolving writers' and actors' strikes in Hollywood, which have significantly impacted film and television production. Disney is trying to maintain its subscriber base by introducing ad-supported streaming options in Europe and Canada and a new ad-free bundle for viewers in the United States. In terms of finances, Disney's earnings for the third quarter exceeded Wall Street's expectations. It is also aiming to reduce expenses by more than the $5.5 billion. However, Disney reported slightly lower quarterly revenue than expected, falling slightly short of analyst predictions for Disney+ subscribers in the United States. It attracted 800,000 Disney+ customers, falling 100,000 short of analysts' expectations. Furthermore, Disney said it reduced losses at its streaming video services to $512 million in the recently-ended quarter, down from over $1.1 billion in the previous year. (Inputs from Reuters) WATCH WION LIVE HERE

Disney hikes streaming prices, shifts focus to cost management

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom.

Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

"The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg.

<a href="https://www.wionews.com/business-economy/more-layoffs-in-the-crypto-world-coinbase-to-cut-almost-1000-jobs-551161">Also read |&nbsp;More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs</a>

The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week.

Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges.

Watch |&nbsp;BlackRock plans to lay off 500 workers worldwide

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Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts.

In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments.

<a href="https://www.wionews.com/technology/software-developer-wins-top-jobs-of-2023-despite-massive-layoffs-report-551055">Also read |&nbsp;'Software developer' wins top jobs of 2023, despite massive layoffs: Report</a>

Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability.

With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever.

The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees.

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Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg.

Wall Street banks and financial institutions are cutting costs to stay afloat as global deal-making slows and risks of a global recession loom. Blackrock, the world's largest asset manager, is set to cut 500 jobs, joining a long list of top firms worldwide looking at lowering costs ahead of an expected recession this year, reported Bloomberg. "The uncertainty around us makes it more important than ever that we stay ahead of changes in the market and focus on delivering for our clients," Chief Executive Officer Larry Fink and President Rob Kapito wrote Wednesday in a staff memo, according to Bloomberg. Also read | More layoffs in the crypto world: Coinbase to cut almost 1,000 jobs The layoffs could be just a little over 2.5 per cent of Blackrock's employee base of 19,900, and the development points to worsening sentiment in financial markets, with companies, predicted to report poor earnings starting this week. Last month, Blackrock's chief financial officer, Gary Shedlin announced a hiring freeze and cut to expenses to meet short-term performance challenges. Watch | BlackRock plans to lay off 500 workers worldwide Blackrock, which manages $7.96 trillion in assets, did not identify the industries most negatively impacted by the job cuts. In the memo, the company's executives pledged to "control expenses responsibly" and make cost-effective investments. Also read | 'Software developer' wins top jobs of 2023, despite massive layoffs: Report Wall Street businesses are delaying recruiting plans and reducing employees due to the increasing recessionary risks and economic unpredictability. With plans to remove 3,200 jobs this week, including from its core trading and banking operations, Goldman Sachs Group Inc. started one of its largest rounds of layoffs ever. The global banking industry is staring at more layoffs, and estimates suggest at least 5,000 job cuts in the pipeline at various banks. Morgan Stanley has also cut about 2 per cent of its workforce or almost 1,600 employees. WATCH WION LIVE HERE

Blackrock to layoff 500 workers, joining other top firms in cost cuts

As he plans to appoint new Twitter CEO, Elon Musk on Wednesday said that through his severe cost cuts, he was able to avert dire finances of the company.&nbsp;According to Bloomberg, the company was about to hit three billion dollars in negative cash flow.&nbsp;Talking to Twitter spaces, a feature on a microblogging platform he bought after his $44 billion&nbsp;deal, Musk said, "Not good since Twitter has $1 billion in cash. That's why I spent the past five weeks cutting costs like crazy."

<a href="https://www.wionews.com/technology/elon-musk-to-resign-as-twitter-ceo-once-he-finds-someone-foolish-enough-544949">Also read |&nbsp;Elon Musk to resign as Twitter CEO once he finds 'someone foolish enough'</a>

"If... you're looking at it from my standpoint... basically, you're in a plane that is headed towards the ground at high speed with the engines on fire and the controls don't work," he said.

Musk also said that his strategies are now&nbsp;paying off and that by massive cost cuts and building subscriber revenue, Twitter will be 'OK' next year and break even, AFP reported.

Soon after his takeover, Musk fired over 7,000 workers, sparking concerns amongst advertisers and netizens that the company is insufficient to carry out the content moderation policies.

The top three officials, including CEO and CFO, were also among the thousands of workers fired.

<a href="https://www.wionews.com/world/probe-of-musks-neuralink-to-scrutinize-long-criticized-us-animal-welfare-regulator-545063">Also read |&nbsp;Probe of Musk's Neuralink to scrutinise long-criticized US animal welfare regulator</a>

Musk said that Twitter's $8 subscription also known as the "Twitter blue" plan would make a difference.&nbsp;

"Because otherwise, how do we pay the fruggin' server bill," he said, adding that Twitter's hardware costs approximately $1.5 billion annually.

This comes after Musk announced that he will resign as Twitter's CEO and that he is on a hunt to find a someone "foolish" enough to replace him. He said that he will limit his duties to running the software and server teams.

His resignation as CEO comes after a poll on his account where 57 per cent of netizens voted for him to step down.&nbsp;

(with inputs from agencies) 
&nbsp;&nbsp;

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&nbsp;

As he plans to appoint new Twitter CEO, Elon Musk on Wednesday said that through his severe cost cuts, he was able to avert dire finances of the company. According to Bloomberg, the company was about to hit three billion dollars in negative cash flow.

As he plans to appoint new Twitter CEO, Elon Musk on Wednesday said that through his severe cost cuts, he was able to avert dire finances of the company. According to Bloomberg, the company was about to hit three billion dollars in negative cash flow. Talking to Twitter spaces, a feature on a microblogging platform he bought after his $44 billion deal, Musk said, "Not good since Twitter has $1 billion in cash. That's why I spent the past five weeks cutting costs like crazy." Also read | Elon Musk to resign as Twitter CEO once he finds 'someone foolish enough' "If... you're looking at it from my standpoint... basically, you're in a plane that is headed towards the ground at high speed with the engines on fire and the controls don't work," he said. Musk also said that his strategies are now paying off and that by massive cost cuts and building subscriber revenue, Twitter will be 'OK' next year and break even, AFP reported. Soon after his takeover, Musk fired over 7,000 workers, sparking concerns amongst advertisers and netizens that the company is insufficient to carry out the content moderation policies. The top three officials, including CEO and CFO, were also among the thousands of workers fired. Also read | Probe of Musk's Neuralink to scrutinise long-criticized US animal welfare regulator Musk said that Twitter's $8 subscription also known as the "Twitter blue" plan would make a difference. "Because otherwise, how do we pay the fruggin' server bill," he said, adding that Twitter's hardware costs approximately $1.5 billion annually. This comes after Musk announced that he will resign as Twitter's CEO and that he is on a hunt to find a someone "foolish" enough to replace him. He said that he will limit his duties to running the software and server teams. His resignation as CEO comes after a poll on his account where 57 per cent of netizens voted for him to step down. (with inputs from agencies) WATCH WION LIVE HERE

Elon Musk says 'crazy' cost cuts saved Twitter from $3 billion shortfall 

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications.

The move is being made to get the Disney+ streaming service to profitability against the backdrop of economic uncertainty. The strict measures come days after Disney reported a $1.5 billion quarterly loss in its streaming business.&nbsp;Shares of the company fell more than 13% on Wednesday following its results.

In the memo, Chapek said a task force has been instituted to review marketing, content and administrative spending across the entire company and recommend cuts. The team is led by finance chief Christine McCarthy and general counsel Horacio Gutierrez.

“I’m fully aware this will be a difficult process for many of you and your teams,” Chapek said in the memo. “We are going to have to make tough and uncomfortable decisions.”

“While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs,” Chapek added.

The streaming service is known for original series including the 'Star Wars'&nbsp;entries 'The Mandalorian',&nbsp;'Andor'&nbsp;and 'Obi-Wan Kenobi',&nbsp;the Marvel entries 'WandaVision',&nbsp;'Hawkeye'&nbsp;and 'She-Hulk: Attorney at Law',&nbsp;and content hubs for Disney, Pixar, Marvel and 'Star Wars'&nbsp;films.

Wall Street analysts voiced concern about Disney’s escalating streaming costs. MoffettNathanson analyst Michael Nathanson observed in a note this week that “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.”

Corporate America is making deep cuts to its employee base to brace for an economic downturn. Meta Platforms said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/ranveer-singh-gets-honoured-with-etoile-dor-award-at-marrakech-international-film-festival-533466" hreflang="en">Ranveer Singh gets honoured with Etoile d’Or award at Marrakech International Film Festival</a>

One of Disney’s studio peers, Warner Bros Discovery, has undergone dramatic cost-cutting efforts, including layoffs, as the recently merged company restructures its content operations.

Chapek said Disney has established a task force, including Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez, to help him make “critical big-picture decisions.”

The company already has begun looking at content and marketing spending, but Chapek said the cuts would not sacrifice quality. Hiring will be limited to a small subset of critical positions, and some staff reductions are anticipated, as the company looks to make itself more cost-efficient, he&nbsp;wrote.

Chapek said business travel would be limited and trips would require advance approval, or be conducted virtually as much as possible.

“Our transformation is designed to ensure we thrive not just today, but well into the future,” he&nbsp;wrote. The memo was first reported by CNBC.

(With inputs from agencies)

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications.

Walt Disney Co Chief Executive Bob Chapek made an announcement on Friday via a memo addressed to all executives at the senior vice president level or above. The company is planning to freeze hiring, and layoffs are likely as part of its cost-cutting measures, stated the internal memo viewed by several publications. The move is being made to get the Disney+ streaming service to profitability against the backdrop of economic uncertainty. The strict measures come days after Disney reported a $1.5 billion quarterly loss in its streaming business. Shares of the company fell more than 13% on Wednesday following its results. In the memo, Chapek said a task force has been instituted to review marketing, content and administrative spending across the entire company and recommend cuts. The team is led by finance chief Christine McCarthy and general counsel Horacio Gutierrez. “I’m fully aware this will be a difficult process for many of you and your teams,” Chapek said in the memo. “We are going to have to make tough and uncomfortable decisions.” “While certain macroeconomic factors are out of our control, meeting these goals requires all of us to continue doing our part to manage the things we can control – most notably, our costs,” Chapek added. The streaming service is known for original series including the 'Star Wars' entries 'The Mandalorian', 'Andor' and 'Obi-Wan Kenobi', the Marvel entries 'WandaVision', 'Hawkeye' and 'She-Hulk: Attorney at Law', and content hubs for Disney, Pixar, Marvel and 'Star Wars' films. Wall Street analysts voiced concern about Disney’s escalating streaming costs. MoffettNathanson analyst Michael Nathanson observed in a note this week that “the company has to prove that their pivot to DTC will be worth the investment price that is currently being paid.” Corporate America is making deep cuts to its employee base to brace for an economic downturn. Meta Platforms said this week it would cut more than 11,000 jobs, or 13% of its workforce to rein in costs. Also read: Ranveer Singh gets honoured with Etoile d’Or award at Marrakech International Film Festival One of Disney’s studio peers, Warner Bros Discovery, has undergone dramatic cost-cutting efforts, including layoffs, as the recently merged company restructures its content operations. Chapek said Disney has established a task force, including Chief Financial Officer Christine McCarthy and General Counsel Horacio Gutierrez, to help him make “critical big-picture decisions.” The company already has begun looking at content and marketing spending, but Chapek said the cuts would not sacrifice quality. Hiring will be limited to a small subset of critical positions, and some staff reductions are anticipated, as the company looks to make itself more cost-efficient, he wrote. Chapek said business travel would be limited and trips would require advance approval, or be conducted virtually as much as possible. “Our transformation is designed to ensure we thrive not just today, but well into the future,” he wrote. The memo was first reported by CNBC. (With inputs from agencies)

Disney freezes hiring, announces layoffs after $1.5bn quarterly loss in streaming business

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