A second day of job cuts at Barclays
Barclays bank announced today that it would cut 2,100 jobs in its retail, commercial banking, and credit card businesses, a day after the announcement of 2,100 cuts in the investment banking unit, Barclays Capital. Barclays will make a total of 4,600 cuts this year ? an additional 400 information technology cuts were announced last week. The cuts represent about 3% of Barclays global labor force. Graham Goddard, an official with the British trade union UNITE was angered by Barclays lack of communication, saying there have been no totals given, and no explanations of strategy offered. ?It is not acceptable,? he says, ?for Barclays staff to arrive at work each day with the dread they could be next in what appears to be a lottery of job losses.? The cuts at Barclays are only part of a larger trend of layoffs at prominent financial institutions, and analysts expect the trend to continue.
See "A second day of job cuts at Barclays", Julia Werdigier and Landon Thomas Jr, The New York Times, January 13, 2009