UK bank Barclays is cutting 900 jobs from its back-office divisions, including compliance, finance, legal, policy, IT and risk, according to trade union Unite. The union dubbed the move “disgraceful” and the decision has been met with scrutiny because of Christmas just around the corner. Unite claims that the move will generate significant profits for the bank. However, Barclays is yet to confirm the exact number of jobs to be shed as part of its cost-reducing efforts.
The affected employees were informed of the bank’s latest decision during lunchtime on Tuesday. Unite is urging Barclays to ensure that all relevant workers would receive support and avoid compulsory redundancies, and re-deploy anyone affected. The union also stated that it has ensured improved payments and assistance for staff whose service period is less than two years. The bank did recognize that it will be making headcount changes as it reduces management layers and boosts its technological and automation proficiency.
The trade union’s General Secretary, Sharon Graham, stated that Barclays’s decision was shocking and accused them of enhancing their profits selfishly. Barclays, on the other hand, denies engaging in a hidden agenda and claims that the job cuts were previously disclosed in its third-quarter results in October. The firm has been slashing expenses for years and earlier saw staff cuts across its retail and investment banking sectors.
Barclays is a rich establishment that is set to achieve substantial profits in the current year. However, in contrast, the bank’s pre-tax profits for Q3, 2021 fell compared to last year. Last year, the bank had around 22,300 employees, but Unite is now providing assurance to ensure the rights of workers throughout its ongoing rounds of layoffs.
Another British bank that is expected to commence consultations on making staff redundant in multiple roles, including analysts and product managers, is Lloyds, which may affect up to 2,500 employees
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