(qlmbusinessnews.com Wed, 29th Nov, 2023) London, UK —
Unite Union Decries Barclays' ‘Disgraceful' Move to Cut 900 Jobs
In a move labelled as “disgraceful” by the Unite union, Barclays is set to cut 900 jobs in the UK as part of its cost reduction efforts. The trade union criticized the timing of the job cuts, just ahead of Christmas, and accused the bank of prioritizing “massive profits.” The affected positions span various back-office divisions, including compliance, finance, legal, policy, IT, and risk. Barclays, however, has not confirmed the exact numbers but emphasized its commitment to simplifying the business.
Unite, working to safeguard affected workers, aims to prevent compulsory redundancies and secure redeployment for staff in the impacted areas. Barclays, in its third-quarter results announced in October, hinted at the forthcoming cuts. The bank, amid efforts to enhance shareholder returns through cost efficiencies and improved capital allocation, acknowledged the need for changes in its headcount. A Barclays spokesperson affirmed the commitment to support affected colleagues through these adjustments, emphasizing the reduction of management layers and improvements in technology and automation capabilities.
Unite's General Secretary, Sharon Graham, criticized Barclays for prioritizing profits over its workforce, deeming the bank “mega-rich” and questioning the need for such job cuts. Barclays reported pre-tax profits of £1.9bn for the third quarter, slightly surpassing analysts' expectations but showing a decline from £2bn in the same period the previous year. Over the last few years, Barclays has undergone cost-cutting measures, witnessing job losses in its retail and investment banking sectors. Additionally, the bank has closed nearly 200 branches, citing a shift towards digital transactions.
These job cuts align with reports of potential layoffs at Lloyds, with up to 2,500 jobs said to be at risk in various roles, including analysts and product managers, as part of a broader organizational shake-up.
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