At the end of last year, the group employed 83,500 staff, according to its annual report. British banking giant Barclays has decided to temporarily suspend new job cuts in the wake of the ongoing coronavirus (Covid-19) pandemic, Reuters reported. “This will enable us to innovate at pace for the customers and clients we serve. For the employees already in the process of the layoffs, the bank is offering financial relief based on the UK Coronavirus Furlough Scheme. We will do everything we can to support colleagues impacted by the changes announced today.”. Read the latest Barclays news on leadership, innovation, history, growth, community and group; designed to digitally empower our readership Jonathan Kitei, head of securitized product sales for Americas, Tim Johnston, head of EMEA cash high-touch trading and sales, and Anindya Das Gupta, head of treasury in India, are leaving the bank as part of the cuts, people familiar with the matter said. Barclays has announced a major staff shake-up affecting more than 1,000 workers including the closure of a site in Leeds. Barclays said it laid off 3,000 employees in the second quarter of 2019. The bank publicly committed last month to pause plans to cut 780 jobs amid surging customer demand and the economic uncertainty leavers would face. The British bank has a history of cutting people around this time of year (before bonuses are paid) and 2020 is no different. A further 90 contractors will lose their jobs. HSBC has said it will axe around 35,000 jobs as it announced profits for 2019 fell by about a third. Morning Coffee: Fear as job cuts break out across banking. Plans to permanently shut the Leeds site by the end of the year will affect 800 staff, 200 of whom will be cut outright. Updates with details in fourth and fifth paragraphs. Barclays Halts New Job Cuts During Coronavirus Crisis: Memo More FILE PHOTO: The logo of Barclays bank is seen on glass lamps outside of … Before it's here, it's on the Bloomberg Terminal. The corporate and investment bank outperformed Wall Street peers in the third quarter, as revenue from fixed-income and equities trading advanced. All rights reserved. Virgin’s discount is a part of a 16% lower within the agency’s headcount, a legacy from its merger with Clydesdale and Yorkshire Banking Group (CYBG). All the latest news about Barclays from the BBC. Today is indeed a dark day for nearly 800 people who have worked relentlessly to deliver the highest customer service for Barclays customers.”, Available for everyone, funded by readers, Bank reports £1.1bn in pre-tax profits for the three months to September, Two sides call into question evidence of each other’s high-profile witnesses in case, Until the dividend conundrum is solved, investors would be wise to avoid the entire sector, Santander sets aside £2.8bn after being pushed to the first loss in its 163-year history. In the bank’s 2018 annual report, Barclays said global headcount was more than 83,000. Skip to main content. All three declined to comment. Read the latest news and coverage on Barclays Bank. — With assistance by Cathy Chan, and Stefania Spezzati, British lender is focused on keeping a tight grip on expenses, Bank is due to report its full-year results in February. A spokeswoman for Barclays in London declined to comment on the cuts, which are among the first to be implemented by a major investment bank in 2020. NYSE to Delist Chinese Telco Giants on U.S. Executive Order, U.S. Jobless Claims Post Surprise Drop, Shadowed by Virus Risks, N.Y. and California End Year Shattering Records: Virus Update, Singapore and Malaysia Terminate High Speed Rail Project, Faster-Spreading Covid Strain Affects Young the Most, Study Says. A spokeswoman for Barclays in London declined to comment on the cuts, which are among the first to be implemented by a major investment bank in 2020. 2020 review: Top 10 fintech and bank M&A deals. (£) ... Barclays to axe 200 jobs after office sale. Virgin introduced 300 cuts in July, that means its complete for 2020 stands at 700 jobs … The decision to close the major Barclays site in Leeds will be devastating for the workforce and the local community. The bank has started trimming mainly managing director and director positions in London and Asian financial hubs, according to people familiar with the matter, who asked not to be identified as the details aren’t public. The bank reports its full-year results in February. Tuesday April 14, 2020 11:32 am Barclays has told staff this week that it will halt a round of job cuts and offer financial support to employees hit … Last modified on Wed 4 Mar 2020 16.15 EST. Ryan Weeks Tuesday April 14, 2020 11:32 am Barclays has told staff this week that it will halt a round of job cuts and offer financial support to employees hit by recent redundancy programmes amid the Covid-19 crisis. Read More: Banks Had Biggest Job Cull Since 2015. Discover career opportunities at Barclays and help us redefine the future of finance. Most of the job cuts at the Leeds processing centre are expected to have an impact on technology, operations teams and some customer service staff. Barclays said impairment charges for the second half of 2020 would be “materially below” the levels recorded in the first half of the year and that costs would be … A spokeswoman for Barclays in London declined to comment on the cuts, which are among the first to be implemented by a major investment bank in 2020. Bloomberg reports that Barclays is letting go of around 100 senior people in its investment bank globally, with trimming taking place in London and Asia before end of year results and bonuses are announced in February. ... As of 15:09 30 Dec 2020. Last year, he said Barclays cut 3,000 jobs in the second quarter. The job cuts are across all areas of the bank and are deeper than previous rounds of reductions, including the elimination of 1,850 jobs, or four per cent of the workforce, in May 2016, and the 1,000 positions cut in 2007. Home ... 2020 review: 10 largest bank job cuts this year Denmark to join Eurosystem's Target2 payment platform. 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