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Barclays seeks to shed 2,000 more jobs
By Steve Slater |
January 15, 2009, Thursday
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Print Edition
Print Edition
BARCLAYS Plc, the United Kingdom's fourth-biggest bank, plans to eliminate as many as 2,000 jobs in its retail, commercial-banking and credit-card units, adding to cuts announced on Tuesday.
"We will take all possible measures to mitigate compulsory redundancies through redeployment, using natural attrition, releasing of contractors, closing vacancies and opening voluntary redundancy registers," the London-based company said yesterday in a statement, according to Bloomberg News.
The reductions are in addition to 2,100 jobs being cut from across its investment banking and investment management units, or about 7 percent of their staff, a person familiar with the matter.
Barclays confirmed it had started a consultation period with staff "to reduce headcount across some parts of IBIM to ensure that we are appropriately sized given the current market conditions."
Job losses at banks are mounting as companies scale down in parts of investment banking and other areas hit hard by the deepening financial crisis.
Some 28,000 financial services jobs were shed in the UK last year, according to the Centre for Economics and Business Research. A further 34,000 could go this year, CEBR forecast.
Barclays' cuts will be spread across product areas and geographies hit by the crisis, the source said.
A spokesman for Barclays said it will continue to hire selectively "across those parts of the business that are growing." That is likely to include areas such as cash equities, where Barclays is building up after buying the United States business of bankrupt American bank Lehman Brothers last September.
Up to now Barclays has avoided job cuts on the scale of many rivals.
"We will take all possible measures to mitigate compulsory redundancies through redeployment, using natural attrition, releasing of contractors, closing vacancies and opening voluntary redundancy registers," the London-based company said yesterday in a statement, according to Bloomberg News.
The reductions are in addition to 2,100 jobs being cut from across its investment banking and investment management units, or about 7 percent of their staff, a person familiar with the matter.
Barclays confirmed it had started a consultation period with staff "to reduce headcount across some parts of IBIM to ensure that we are appropriately sized given the current market conditions."
Job losses at banks are mounting as companies scale down in parts of investment banking and other areas hit hard by the deepening financial crisis.
Some 28,000 financial services jobs were shed in the UK last year, according to the Centre for Economics and Business Research. A further 34,000 could go this year, CEBR forecast.
Barclays' cuts will be spread across product areas and geographies hit by the crisis, the source said.
A spokesman for Barclays said it will continue to hire selectively "across those parts of the business that are growing." That is likely to include areas such as cash equities, where Barclays is building up after buying the United States business of bankrupt American bank Lehman Brothers last September.
Up to now Barclays has avoided job cuts on the scale of many rivals.
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