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Barclays to cut 900 more UK jobs to reduce costs
https://www.whatjobs.com/news/united-kingdom/uk-employment-news/barclays-to-cut-900-more-uk-jobs-to-reduce-costs
By Nithya Bose in UK Business News, posted November 29, 2023
Barclays is planning to slash 900 more jobs in the UK in a move aimed at cost reduction.
It follows a 2,000 job cut announcement this month to cut costs by £1 billion.
Describing the action as "disgraceful," the union Unite says the pre-Christmas decision will further augment the bank's already "massive profits."
Read More: Barclays To Cut As Many As 2,000 Jobs In Cost-Cutting Push
The union said the job cuts would hit multiple back-office divisions, covering compliance, finance, legal, policy, IT, and risk.
While Barclays has not officially disclosed the exact number of reductions, it has acknowledged taking steps to "simplify the business."
Unite reports that affected staff were informed on Tuesday, November 28.
It said it urged Barclays to avoid compulsory redundancies and instead focus on redeploying impacted personnel within the affected business areas.
Read More: Capita Plans 900 Job Cuts In Cost-Cutting Plans
Although Barclays has not confirmed the specific figures, it confirmed the workforce adjustments are part of an initiative to streamline operations.
A company spokesperson said the reduction occurs as management layers are streamlined, and the group enhances its technology and automation capabilities.
The bank asserts its commitment to supporting impacted colleagues through these changes.
Sharon Graham, the general secretary of Unite, said: "Barclays is disgracefully cutting jobs to further boost its massive profits.
“This is a mega-rich bank that is already on course to make eye-watering profits this year."
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The union has negotiated improved payments and support for affected workers, especially those with less than two years of service.
The reported job cuts at Barclays align with broader trends in the banking sector.
Another major player, Lloyds, is considering consultations with staff for a potential shake-up that could put up to 2,500 jobs at risk.
It will affect roles such as analysts and product managers.
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