-- Barclays is considering plans to cut 1 billion pounds ($1.26 billion) in costs, which could include dropping its investment bank's least profitable clients and cutting up to 2,000 jobs, the Financial Times reports, citing unnamed sources.

-- The British bank could free up as much as GBP20 billion of risk-weighed assets in the investment banking arm by dropping those clients, at a cost of less than 10% of the division's revenue, the FT reports.

-- Executives--who have codenamed the project Minerva--had considered and dropped several alternatives, including raising capital for the acquisition of a wealth or asset management business as well as reducing its investment bank's trading assets by up to 25% and exiting US municipal bond trading, the FT reports.

-- Barclays didn't immediately respond to Dow Jones Newswires' request for comment.


Full story: https://tinyurl.com/2vpbecs4


Write to Elena Vardon at elena.vardon@wsj.com


(END) Dow Jones Newswires

11-28-23 0205ET