Barclays PLC is reportedly in the initial stages of formulating an ambitious cost-cutting plan that could result in savings of up to £1 billion ($1.3 billion) over the next few years.

The proposed measures, still under review by top management, might include a workforce reduction of as many as 2,000 jobs, primarily at Barclays Execution Services, the unit encompassing the bank’s back-office operations.

While discussions are ongoing, the plan aims to enhance profitability, potentially resulting in the elimination of 1,500 to 2,000 jobs, constituting approximately 2% of the bank’s total workforce.

Barclays is strategically evaluating actions to reduce structural costs as part of its efforts to drive future returns.

The bank anticipates that these cost-cutting initiatives might lead to significant additional charges in the fourth quarter.

Barclays, with total operating expenses of £16.7 billion last year, is grappling with a challenging financial landscape.

The bank’s share prices have declined by 11.5% this year, prompting Chief Executive Officer C.S. Venkatakrishnan to engage strategy advisers to devise plans aimed at reviving the bank’s share performance.

A Barclays spokesperson declined to comment on the ongoing discussions and proposals. The bank revealed last month that it would provide an investor update in February, coinciding with its full-year results announcement.

This update is expected to include a new strategic direction.

Barclays Execution Services Ltd. (BX), the unit potentially affected by these cost-cutting measures, had 22,334 full-time staff at the end of 2022.

The unit provides technology, operations, and functional services to various businesses within the Barclays group.

As the discussions evolve, the bank may prioritize layoffs in other areas to achieve its objectives in optimizing structural costs.

Investors await further details during the upcoming investor update, where Barclays is expected to outline its fresh strategy to navigate the complex financial landscape.

It has been revealed that engineers at OpenAI, the trailblazing artificial intelligence (AI) research laboratory, are raking in $800,000 annually, making them some of the highest-paid professionals in the tech industry.

An analysis conducted by compensation data platform Levels.fyi sheds light on the extraordinary earning potential of these AI experts.

The data indicates that the salary range for OpenAI’s engineering roles typically spans from $200,000 to $370,000.

However, for more specialized positions, the range extends from $300,000 to an eye-watering $450,000. When factoring in bonuses and stock awards, total compensation for these roles can soar to a staggering $800,000.

The revelation comes at a time when OpenAI faced a recent upheaval, with CEO Sam Altman briefly ousted and subsequently reinstated after an outcry from hundreds of employees.

This incident underscores the substantial leverage that the highly skilled workforce in the tech industry currently holds.

Julia Pollak, Chief Economist at job site ZipRecruiter, emphasized the scarcity of talent in emerging technologies like AI, stating, “For emerging technologies like AI, you only have a very small, small group of people who are experienced. They are the product, they are the company.”

The demand for AI expertise has driven median total compensation for AI-focused engineers to unparalleled heights.

With such hefty paychecks, OpenAI engineers not only wield influence within their organization but also stand as a testament to the growing value of specialized skills in the ever-evolving tech landscape.

Citigroup Inc. is undergoing a significant organizational shift under CEO Jane Fraser’s leadership, streamlining operations and eliminating over 300 senior manager roles, according to an insider.

The reductions, affecting staff two levels below Fraser’s executive management team, amount to approximately 10% of the workforce at that level.

This move is part of Fraser’s strategy to simplify the bank’s structure, eliminate management layers, and enhance decision-making efficiency.

Citigroup issued a statement acknowledging the ongoing organizational changes without specifying the exact number of job cuts.

The bank highlighted the challenging decisions but emphasized their necessity to align the structure with the overall strategy and ensure consistent excellence in client services.

Fraser, in a memo to staff, expressed awareness of the significant commitment and hard work required from employees during this transformation.

The restructuring is a pivotal initiative for Citigroup, representing its most significant organizational overhaul in two decades.

The plan involves moving away from the two core operating units and refocusing on five key business areas: trading, banking, services, wealth management, and US consumer offerings.

Citigroup aims to unveil additional layers of change early next year, with the final adjustments expected to conclude by the end of the first quarter.

Despite earlier severance charges and position reductions, the firm’s overall headcount has remained steady at 240,000 employees, reflecting the bank’s strategic shift and commitment to adapt to evolving industry demands.