Barclays job cuts rise to 4,600 in past week
Wed Jan 14, 2009 3:34pm EST
LONDON (Reuters) - Barclays said it is cutting more UK-based jobs in its retail and commercial banking businesses, which is likely to take job losses at the British bank to 4,600 in the past week.
The latest cuts will see about 2,100 jobs go in UK retail and commercial banking and Barclaycard, a person familiar with the matter said.
Barclays confirmed it is shedding jobs, but said consultation with staff had not yet been completed.
"Barclays continually reviews its operations and resources so that they function efficiently as business needs and customer requirements evolve. In the current market conditions, this is particularly important," it said in a statement.
Job losses at banks are mounting as companies scale down in parts of investment and retail banking and other areas hit hard by the deepening financial crisis.
Barclays was working with unions to mitigate compulsory redundancies, it said. The total also includes contractors and temporary staff and open positions.
The latest cuts follow redundancies at its investment banking and investment management (IBIM) units announced on Tuesday -- expected to total 2,100 -- and 400 jobs in its UK technology departments announced last week.
Barclays employs about 156,000 staff, including just under 70,000 in Britain.
By 6:45 a.m. EST Barclays shares were down 14 percent at 142 pence, adding to a 10 percent fall on Tuesday. All Europe's banks were weak and the job cut news added to concern about the tough outlook facing banks, dealers said.
(Reporting by Steve Slater; editing by Simon Jessop)
Wed Jan 14, 2009 3:34pm EST
LONDON (Reuters) - Barclays said it is cutting more UK-based jobs in its retail and commercial banking businesses, which is likely to take job losses at the British bank to 4,600 in the past week.
The latest cuts will see about 2,100 jobs go in UK retail and commercial banking and Barclaycard, a person familiar with the matter said.
Barclays confirmed it is shedding jobs, but said consultation with staff had not yet been completed.
"Barclays continually reviews its operations and resources so that they function efficiently as business needs and customer requirements evolve. In the current market conditions, this is particularly important," it said in a statement.
Job losses at banks are mounting as companies scale down in parts of investment and retail banking and other areas hit hard by the deepening financial crisis.
Barclays was working with unions to mitigate compulsory redundancies, it said. The total also includes contractors and temporary staff and open positions.
The latest cuts follow redundancies at its investment banking and investment management (IBIM) units announced on Tuesday -- expected to total 2,100 -- and 400 jobs in its UK technology departments announced last week.
Barclays employs about 156,000 staff, including just under 70,000 in Britain.
By 6:45 a.m. EST Barclays shares were down 14 percent at 142 pence, adding to a 10 percent fall on Tuesday. All Europe's banks were weak and the job cut news added to concern about the tough outlook facing banks, dealers said.
(Reporting by Steve Slater; editing by Simon Jessop)
