Barclays is set to reduce its workforce by 900 jobs in the UK, according to the trade union Unite, as the bank aims to cut costs.
The union described the move as "disgraceful," especially during the lead-up to Christmas, asserting that this decision would further boost the bank's already significant profits.
The job cuts are expected across various back-office divisions, including compliance, finance, legal, policy, IT, and risk, as reported by Unite.
While Barclays has not officially confirmed the exact numbers, it stated that the restructuring aimed to streamline the business.
Affected employees were reportedly informed about the job cuts during lunchtime on Tuesday, as per Unite.
The union is advocating for Barclays to avoid compulsory redundancies and instead explore redeployment options for staff affected by these changes.
Unite has managed to secure improved payments and support for impacted workers, even those with less than two years of service.
In response, a Barclays spokesperson referenced the plan to reduce headcount, highlighting the restructuring of management layers and the enhancement of technological and automation capabilities across the group.
The bank assured its commitment to supporting affected employees during these transitions.
However, Unite's general secretary Sharon Graham criticized Barclays for prioritizing profit over its workforce, calling the job cuts disgraceful for a bank expected to make substantial profits this year.
Barclays reported pre-tax profits of £1.9bn for the three months ending September, slightly exceeding analysts' predictions but down from £2bn a year ago.
The bank has undertaken cost-cutting measures over recent years, witnessing job reductions in both retail and investment banking sectors, and announcing the closure of nearly 200 branches due to a shift in customer transactions to digital channels.
With around 22,300 staff at the end of the previous year, Barclays' current actions add to growing concerns about job losses in the banking sector. Reports suggest that another major bank, Lloyds, might be initiating consultations that could potentially affect up to 2,500 roles, including analysts and product managers, as part of its restructuring plans. Photo by GroupEditor, Wikimedia commons.