Barclays is closing more than half of its global bank, including its home-currency unit.
The London-based bank is set a year ahead to reduce its workforce by about two-thirds.
It also announced a deal with Citigroup, the nation’s largest U.S. bank, to cut more than $1 billion from the balance sheet in 2019.
It expects that to leave the bank with $2 billion in cash.
Barclays said the $1bn in cash is the biggest of its 2019-21 period.
The bank’s total cash balance is expected to be $6.7 billion, up from $5.5 billion in 2019 and $4.6 billion in 2018.
It said the cash reduction will result from a combination of mergers, consolidation and strategic planning.
The company said in a statement that the changes will allow it to deliver a “more resilient and profitable” bank.
Barclays has been in the midst of a turnaround as it tries to fend off the onslaught of global competition.
The U.K.-based bank has been cutting jobs at home and abroad, and recently laid off more than 3,000 workers in the U.
Kingston, England, branch.
Barclays shares fell more than 6% on the news, while Citigroup lost about 2%.
Barclays, which is based in London, had been trading at $68.30 on the New York Stock Exchange, down from $77.94 in March.
Citigroup and Barclays have been battling for years to become the leader in the domestic and international banking sector, and analysts said they could be at a tipping point.