The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
350 jobs Number of planned job losses
140 jobs Number of planned job creations
Announcement Date
4 July 2006
Employment effect (start)
Foreseen end date
Description
UK bank Barclays has announced plans to close sites in Hastings and Birmingham with the loss of 350 jobs. Staff in the asset and sales finance divisions of Barclays Business Banking will be affected. However, as part of the same wave of restructuring, 140 posts will be created with the expansion of its operation in Basingstoke, Hampshire.
Stephen Price, managing director of Barclays asset and sales finance, said the bank had to move with the market to ensure future success.
'Our customers have told us what they want - a more slick and streamlined process.'
He said it had not been an easy decision, but Barclays was aiming to minimise job losses by redeploying and retraining staff. Keith Brookes, of the union Amicus, which represents bank workers, said it was endeavouring to keep compulsory redundancies to an absolute minimum.
'We are confident that the vast majority of the job cuts will be dealt with through natural attrition and redeployment,' he said.
Sources
4 July 2006: BBC News
Citation
Eurofound (2006), Barclays Business Banking, Internal restructuring in United Kingdom, factsheet number 63744, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63744.
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