Merry Christmas – you’re fired. Bitter celebrations for many Barclays bank employees
Barclays is planning to cut 900 jobs in Britain by the new year, part of the lender's bid to reduce operating costs, according to employee union Unite. So the bank will send Christmas greetings wrapped in the dismissal letter.
A spokesperson for Unite told City AM . that Barclays would inform workers of the potential redundancy at 1pm on Tuesday. They added that these layoffs are in addition to the 450 cuts announced in September.
Barclays announced plans to cut costs in October following weak third-quarter financial results.
The Financial Times reported this morning that Barclays was considering shedding thousands of its investment bank clients in a wider effort to boost profits and cut costs by £1 billion. The recovery therefore occurs with a reduction in the size of the bank.
Group CEO CS Venkatakrishnan is expected to provide an update to investors in February that will reveal more details about this strategy. However, in this way the layoffs risk anticipating the announcement of company policy. In short, he quits in the meantime, then we'll see.
The plans could involve up to 2,000 layoffs, Reuters reported last week.
A Barclays spokesperson told City AM that the company was “taking a number of actions to simplify and reshape the business, improve service and deliver higher returns”.
“This includes changes to our headcount as management levels are reduced and the group improves its technology and automation capabilities,” they added. “We are committed to supporting colleagues affected by these changes.”
Unite has urged Barclays to avoid all compulsory redundancies and to redeploy staff across the group's affected businesses.
The union's general secretary, Sharon Graham, said: “Barclays is shamefully cutting jobs to further boost its huge profits. This is a super rich bank that is already on track to make attractive profits this year.”
It's surprising that unions still think bankers have hearts. The Scrooge of Dickens' novel lives in London not by chance.
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The article Merry Christmas – you're fired. Bitter celebrations for many Barclays bank employees comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/buon-natale-sei-licenziato-feste-amare-per-molti-dipendenti-della-banca-barclays/ on Mon, 04 Dec 2023 10:13:33 +0000.