United Kingdom: Barclays announces 450 job cuts

British bank Barclays announced on Tuesday its intention to cut around 450 positions across the United Kingdom, as its customers rely heavily on its dematerialized services.

The firm “continues to review and adapt (its) operations based on how customers choose to interact with us,” Barclays said in a statement sent to AFP.

The bank added that “we are committed to supporting our colleagues” by working closely with “(union) Unite” who are affected by the announcement.

A spokeswoman declined to comment on the type of positions eliminated.

But Unite immediately condemned the move as “unnecessary and unfair”, saying: “How can a profitable financial organization like Barclays let go of over 450 staff in the midst of a cost of living crisis?”

A union official, Dominic Hook, was quoted as saying in a press release that the staff involved were “not rich and well-paid City bankers, but regular salary earners at Barclays” and “better than that”.

Barclays, which employs nearly 84,000 people in 41 countries as of 2022 figures, reported a 26% year-on-year rise in half-year profits to £3.1 billion at the end of July, driven mainly by interest rate rises.

The job cuts come a day after the bankrupt Wilco brand announced 400 store closures, resulting in almost 12,500 redundancies in the country, while the UK unemployment rate rose to its highest level in three months. It was 4.3% at the end of July, according to figures released on Tuesday.