Barclays doubles job cuts to 4200

Barclays doubles job cuts to 4200

Having confirmed plans to cut 2100 jobs across its investment banking and wealth management businesses, Barclays Bank has shocked staff by signalling its intention to shrink the workforce at its UK operations by a further 2100 positions.

The latest blow to financial sector workers comes a day after London staff of Merrill Lynch were informed of 1900 job cuts following the investment bank's merger with Bank of America.

Barclays says the latest swing of the axe will rightsize the business in line with depressed market conditions.

In the wholesale business, the heaviest cuts will be made at Barclays Capital, were 1300 jobs will be lost. A further 500 positions will be shed at Barclays Wealth and 370 trimmed from the money management arm Barclays Global Investors.

On the retail side, Barclays says it is has begun discussions with union leaders over the new round of layoffs and will take "all possible measures" to reduce compulsory redundancies by redeploying staff and releasing contractors.

Barclays has yet to clarify exactly where the axe will fall, although it is understood that the direct mortgage operation, commercial bank and support section will all be hit. Around 100 jobs will go from the bank's processing centre in Leeds. Other sites in the firing line are in London, Cardiff, Coventry and Cheshire.

Finance sector union Unite condemned the action, which comes just a week after Barclays announced plans to cut 400 UK IT roles from its global infrastructure and service delivery (GISD) unit. It also follows last year's announcement of 3000 job cuts in the wake of its takeover of Lehman Brothers.

Unite branded the move as a strategy of "death by a thousand cuts". The union says it has been consulted by the bank on at least 3000 job losses to be announced before the summer.

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