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Barclays Eyes £1 Billion Cost-Cutting Plan Amidst Job Cut Speculations

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Barclays Africa Group

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.

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Job Vacancies: Business Writer, Editor at Investors King

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Business Writer at Investors King

Location: Remote
Type: Full-Time
Industry: Digital Business Media

Responsibilities:

  • Research and write articles on financial markets, economic trends, and business news.
  • Analyze market data to produce in-depth reports and commentary.
  • Collaborate with editors to ensure content aligns with editorial standards.
  • Stay updated on industry developments to deliver timely and relevant content.
  • Conduct interviews with industry experts and stakeholders.

Requirements:

  • Proven experience in business writing or journalism.
  • Strong understanding of financial markets and economic concepts.
  • Excellent research, writing, and editing skills.
  • Ability to produce clear, engaging, and accurate content under tight deadlines.
  • Familiarity with digital media platforms and SEO practices.

Preferred Qualifications:

  • Degree in Finance, Economics, Journalism, or a related field.
  • Experience with data analysis tools and financial reporting software.

Benefits:

  • Competitive salary and performance-based bonuses.
  • Flexible working hours and remote work opportunities.
  • Access to industry events and networking opportunities.
  • Opportunities for professional growth and development.

How to Apply:
Interested candidates should submit their resume, cover letter, and writing samples to careers@investorsking.com. Please include “Business Writer Application” in the subject line.

Post of An Editor at Investors King

Responsibilities:

  • Oversee the production of high-quality articles and reports.
  • Edit and proofread content to ensure clarity, accuracy, and adherence to editorial standards.
  • Manage a team of writers, providing guidance and feedback.
  • Develop and implement content strategies to drive audience engagement.
  • Collaborate with stakeholders to maintain the brand’s voice and vision.

Requirements:

  • Proven experience as an editor in business journalism or related field.
  • Exceptional editing and writing skills.
  • Strong understanding of financial markets and economic concepts.
  • Ability to manage multiple projects and meet tight deadlines.
  • Familiarity with digital media platforms and SEO best practices.

Preferred Qualifications:

  • Degree in Journalism, English, Finance, or a related field.
  • Experience leading a team of writers and content creators.

Benefits:

  • Competitive salary and benefits package.
  • Flexible working hours and remote work opportunities.
  • Professional development and growth opportunities.
  • Access to industry events and networking opportunities.

How to Apply:
Interested candidates should submit their resume, cover letter, and editing samples to careers@investorsking.com. Please include “Editor Application” in the subject line.

Join Investors King and contribute to shaping the future of digital business media!.

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President Tinubu Sets New N70,000 Minimum Wage, Promises Regular Review

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President Bola Tinubu has approved a new minimum wage of N70,000.

This decision follows a meeting with the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) at the Presidential Villa in Abuja.

The announcement, made by the Special Adviser on Information and Strategy, Bayo Onanuga, also includes a commitment to review the national minimum wage every three years.

This measure aims to ensure that wages keep pace with inflation and economic conditions.

“President Bola Tinubu has approved N70,000 minimum wage for Nigerian workers, with a promise to review the national minimum wage law every three years,” Onanuga stated on social media platform X.

During the meeting, President Tinubu also pledged to explore ways to assist the private sector and state governments in implementing the new wage structure.

This gesture acknowledges the financial challenges faced by various sectors in meeting the wage increase.

Labour leaders expressed appreciation for what they described as the President’s “fatherly gesture.”

The President further committed to using his executive authority to address the four months’ salary arrears owed to university unions, highlighting his administration’s focus on education and worker welfare.

This development marks the second meeting between the President and labour leaders in a week, underscoring the government’s proactive approach to addressing workers’ concerns and promoting economic stability.

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President Tinubu Asserts Minimum Wage Will Reflect Nigeria’s Economic Realities

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Bola Tinubu

President Bola Tinubu declared that Nigeria’s minimum wage will be determined by what the nation can afford.

Speaking at a dinner celebrating Nigeria’s 25 years of unbroken democratic rule, Tinubu said it is necessary to align the minimum wage with the country’s economic realities.

“The minimum wage is going to be what Nigerians can afford, what you can afford and what I can afford,” President Tinubu stated, addressing a gathering of dignitaries and officials in Abuja on Wednesday.

This pronouncement comes amid ongoing discussions and debates about the appropriate level for the national minimum wage.

The Organised Labour has been vocal in its demand for a significant increase, proposing a minimum wage of N250,000, far exceeding the N62,000 suggested by the federal government team in the Tripartite Committee on Minimum Wage.

In response to Tinubu’s statement, Labour leaders have reiterated their stance, refusing to accept what they term a “starvation minimum wage.”

Tinubu’s remarks also touched on the broader issue of food inflation, a critical concern for many Nigerians. The President acknowledged the role of banditry in exacerbating food scarcity and driving up prices.

“The promises I could make is to struggle to bring the food price down but those bandits must leave the farmers alone and bring Nigeria back to its glory of production and harvesting,” he said.

Highlighting the challenges posed by entrenched interests in the oil industry, Tinubu noted that those accustomed to significant profits over decades are resistant to changes that might disrupt their financial advantages.

This resistance, he argued, is part of the broader struggle Nigeria faces in its path to economic stability and growth.

Reflecting on the nation’s democratic journey, Tinubu expressed pride and optimism. He recounted a humorous incident from the morning’s Democracy Day parade, where he stumbled while performing the traditional Yoruba “dobale” (prostration). “Democracy is worth falling for,” he quipped, underscoring his deep commitment to the democratic process.

The President also addressed calls for fiscal prudence from various quarters, particularly in light of Labour’s demands. He urged Nigerians to manage their expectations realistically. “They ask you to cut your coat according to your size, if you have size at all,” he remarked, advocating for economic policies that reflect the nation’s financial realities.

Tinubu praised the spirit of unity and cooperation demonstrated by leaders across party lines, acknowledging the presence of governors from various states and parties at the dinner.

He reiterated the importance of national unity, saying “Is it not true that Nigeria is greater than any one of us? The unity of this country cannot be traded.”

The President also took a moment to reflect on criticisms regarding the reversal to the old National Anthem, defending the decision as part of Nigeria’s rich cultural heritage.

“If you cannot change the name Nigeria are you the creator of Nigerian name?” he queried, affirming his commitment to the country’s identity and unity.

As Nigeria looks to the future, President Tinubu called for collective effort and investment in national orientation to instill a sense of responsibility and patriotism in the younger generation.

“We will make Nigeria a tremendously successful country if we gather as we gather here tonight and encourage our children about the charter of our value system,” he stated.

In closing, Tinubu highlighted the importance of rejecting corruption and upholding integrity, praising customs officers in Kebbi and Ondo for their recent actions against bribery and vandalism.

“Citizenship is not just the dictionary meaning of it; it is the actual character in us, and we must teach these ones to achieve it,” he concluded.

The dinner was attended by notable personalities, including former Foreign Minister Bolaji Akinyemi, diplomat Babagana Kingibe, veteran journalist Segun Osoba, and political leaders Bisi Akande, Pius Akinyelure, and Lawal Shuaibu, among others.

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