Barclays to cut 900 jobs in the UK, says union
LONDON, Nov 29 — Barclays is set to eliminate 900 jobs in its UK operations, according to trade union Unite. The union has condemned the move, deeming it disgraceful especially in the lead up to Christmas.
Most of the cuts will affect back-office roles such as compliance, finance, legal, policy, IT, and risk, as stated by the union.
Barclays stated that the restructuring is aimed at streamlining and reshaping the business to enhance service and deliver better returns. However, they did not confirm the exact number of job cuts.
A spokesperson for Barclays explained, This includes changes to our headcount as management layers are reduced and the group improves its technology and automation capabilities. We are committed to supporting impacted colleagues through these changes.
This move comes at a time when British banks, including Barclays, are shutting down high-street branches due to the increasing shift towards online banking and cashless payments. Consumer groups have raised concerns over these closures, as it disproportionately affects the elderly and those who primarily rely on cash transactions.
Sharon Graham, the general secretary of Unite, expressed her discontent with the job cuts, stating, 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.
Barclays had previously indicated the possibility of more cutbacks when it reported a 16-percent decline in net profit for the third quarter. The bank’s profit after tax fell to £1.3 billion (US$1.65 billion or RM7.7 billion) between June and September, down from £1.5 billion during the same period last year. Although pre-tax profit dipped four percent to £1.9 billion, revenues increased by five percent to £6.3 billion due to higher interest rates.
