-- Barclays Plc has begun cutting hundreds of jobs as the firm embarks on a £2 billion cost-cutting drive that’s part of Chief Executive Officer C.S. Venkatakrishnan’s yearslong plan to boost returns.Binance Founder Changpeng Zhao Gets Four Months in Prison
Venkatakrishnan has been under pressure to improve the British bank’s returns, which have lagged rivals. Barclays has long faced questions from investors about the viability of those Wall Street operations because the investment bank consumes more capital than other, higher-returning divisions across the firm.
To that end, the company appointed Rafael Abati as co-head of its energy transition group for Europe, the Middle East and Africa region in April. That same month, Stephen Pick was also named as head of mergers and acquisitions for the EMEA region.