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
7,000 jobs Number of planned job losses
Announcement Date
14 November 2013
Employment effect (start)
Foreseen end date
31 December 2014
Description
Banking giant Barclays has announced that it is to cut 1,700 jobs in the UK in 2014. The job cuts will be focused within its branch network, including cashiers and managers.
Trade union Unite has critisised the initiative arguing that customer service will be affected. The bank’s management disputes this.
Barclays, headquartered in London, is the third largest bank in the UK. As of 2012, the company employed about 139,900 staff globally, of which 55,300 in the UK. In 2012, it had already announced to cut 422 jobs in the country.
Updated, 11-02-2014:
Barclays announced that it was to increase the number of jobs cut both globally and within the UK. The company expects to cut around 7,000 jobs in the UK within 2014, 5,300 more cuts than were announced in November. The announcement of job cuts came at the same time as the company announced an increase in its bonuses package.
Updated, 08-09-2014:
In a briefing to analysts, Barclays announced it has cut 2,700 jobs in its investment bank this year, as part of the plans to cut an expected 7,000 jobs around the UK over three years.
Sources
14 November 2013: BBC
14 November 2013: The Independent
11 February 2014: BBC News
8 September 2014: Reuters
Citation
Eurofound (2013), Barclays, Internal restructuring in United Kingdom, factsheet number 76187, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76187.
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