Barclays to Trim 900 Jobs Despite a Penny‑worth Profit
Barclays has announced a slashing of 900 positions even as it raked in a tidy £1.9 billion pre‑tax profit over the last quarter. The move, flagged by trade union Unite as “disgraceful,” comes just before Christmas when the bank is feeling especially comfortable with its coffers.
What the Numbers Look Like
- Quarterly earnings £1.9 billion, beating market expectations.
- Still shy of last year’s £2 billion haul.
- Indicates “strategic overhaul” to push profits even higher.
Where the Cuts Go
The layoffs will hit key “back‑office” teams: IT, compliance, finance, legal, and risk. Staff received the brunt of the news at lunch on Tuesday—apparently a less-than‑fun mid‑day break.
Union’s Take
Sharon Graham, Unite’s general secretary, blasted the decision: “Barclays is disgracefully cutting jobs just to line their pockets, despite being a mega‑rich institution already set to earn sky‑high profits this year.”
Barclays’ Response
A spokesperson for the bank insisted the move was part of a larger effort to “simplify and reshape the business.” They promised support for affected colleagues and highlighted upgrades in technology and automation as a key to the restructuring.
Takeaway
While the profits rise, the human cost rises fast. As the bank claims to be reducing boilerplate “management layers,” a burst of tears might be the only dampener. It’s a classic case of money flowing in the top tiers while the back office gets the short end of the stick.
