The trade union Unite has said that Barclays bank are to cut 900 jobs in what has been branded as a “disgraceful” move despite the a £1.9 billion profit in the three months to September.
In the three months to September Barclays reported a pre-tax profit of £1.9 billion which was ahead of analysts’ predictions, however it remained below 2022’s £2 billion profit.
Unite said that jobs will go in back office divisions, including IT, compliance, finance, legal and risk, the trade union said that the affected staff were told at lunchtime on Tuesday.
The bank did not confirm the number of job cuts, but said “as management layers are reduced and the group improves its technology and automation capabilities.”
The trade union called Barclays move to sack staff in the run up to Christmas as “disgraceful” considering the bank is “mega rich.”
A spokesman for Barclays said, “We are taking a number of actions to simplify and reshape the business, improve service, and deliver higher returns.
“This includes changes to our headcount as management layers are reduced and the group improves its technology and automation capabilities.
“We are committed to supporting impacted colleagues through these changes.”
It comes amid reports the lender is working on plans to slash up to £1 billion as part of a strategic overhaul to buoy profits.
Sharon Graham, general secretary of Unite, said, “Barclays is disgracefully cutting jobs to further boost its massive profits.
“This is a mega-rich bank that is already on course to make eye-watering profits this year.”