Unite Union Announces Barclays' Plans to Eliminate 900 Jobs in the UK
Barclays is set to cut 900 jobs in the UK, trade union Unite reports, in a bid to trim costs. Unite criticizes the timing ahead of Christmas as boosting the bank's substantial profits.
The lay-offs will affect various support roles such as compliance, finance, legal, IT, and risk management. Barclays hasn't confirmed the exact numbers but mentions streamlining efforts for the business.
Employees received notice on a Tuesday afternoon, and Unite is advocating for the prevention of forced redundancies and the reassignment of affected workers. The union has negotiated better compensation and assistance for these employees.
However, Barclays, which has detailed these cuts in its October quarterly report, affirms its commitment to assisting staff through the transition and credits the restructuring to efficiency initiatives.
Barclays CEO CS Venkatakrishnan previously noted the potential for increasing shareholder returns by cutting costs. Despite this, Unite Secretary General Sharon Graham condemns the job cuts as a means to inflate the bank's considerable profits. For the third quarter, Barclays reported a pre-tax profit of £1.9 billion—marginally surpassing expectations but slightly down from the previous year.
The bank has been reducing expenses for several years, resulting in previous job reductions and nearly 200 branch closures due to a decline in in-person transactions. Barclays ended the previous year with approximately 22,300 employees.
This news comes alongside rumors of possible job risks for up to 2,500 employees at Lloyds Bank, as reported by The Guardian, with the bank poised to consult staff in various positions as part of a restructuring plan.
Employees received notice on a Tuesday afternoon, and Unite is advocating for the prevention of forced redundancies and the reassignment of affected workers. The union has negotiated better compensation and assistance for these employees.
However, Barclays, which has detailed these cuts in its October quarterly report, affirms its commitment to assisting staff through the transition and credits the restructuring to efficiency initiatives.
Barclays CEO CS Venkatakrishnan previously noted the potential for increasing shareholder returns by cutting costs. Despite this, Unite Secretary General Sharon Graham condemns the job cuts as a means to inflate the bank's considerable profits. For the third quarter, Barclays reported a pre-tax profit of £1.9 billion—marginally surpassing expectations but slightly down from the previous year.
The bank has been reducing expenses for several years, resulting in previous job reductions and nearly 200 branch closures due to a decline in in-person transactions. Barclays ended the previous year with approximately 22,300 employees.
This news comes alongside rumors of possible job risks for up to 2,500 employees at Lloyds Bank, as reported by The Guardian, with the bank poised to consult staff in various positions as part of a restructuring plan.
