Barclays bank to cut 450 jobs across business

British bank Barclays has told staff it is planning to cut around 450 jobs across the business, trade union Unite has said.

Unite said its members were informed by the bank of the decision on Tuesday.

Mid- to senior-level staff at the business’s head office are likely to be affected, the PA news agency understands.

It follows reports over the weekend that the banking giant was looking to trim costs while working on a wider strategy review.

Unite, which represents staff members at the bank, said it was an “unnecessary and unjustified” decision affecting people earning moderate salaries with the bank.

The union said it was going to meet with the group’s chief executive to press for a guarantee of non-compulsory job losses, which means staff are invited to volunteer for redundancy.

Barclays said it plans to work closely with Unite to support affected employees.

A spokeswoman for the bank said: “We continue to review and adapt our operations based on the ways customers are choosing to interact with us.

“These changes will enable greater collaboration across our teams, allowing us to continue to improve service for customers and clients.

“We are committed to supporting colleagues through this change, working closely with Unite.”

Chief executive C.S Venkatakrishnan, known within the bank as Venkat, said in an interview with CNBC on Monday that the workforce plans are in line with the broader financial industry, and part of a generational shift within the business.

He also said that the bank is actively hiring for roles amid the departures.

Unite’s national officer, Dominic Hook, criticised the global bank for cutting jobs at a time when it is making big profits.

He said: “How can a profitable finance organisation such as Barclays slash over 450 staff amid a cost-of-living crisis?

“This isn’t an organisation struggling to survive, this bank is making billions of pounds of profits.

“If these plans for compulsory redundancy are implemented then hundreds of families will lose their livelihoods and face financial hardship because of a management decision which is both unnecessary and unjustified.

“The staff losing their jobs are not highly paid rich City bankers but those earning modest salaries within Barclays.

“The bank must scrap these plans and reconsider.

“Unite is willing to work with the bank to ensure staff are given re-training and redeployment opportunities.”