Barclays PLC (LSE:BARC) has told Unite that it plans to cut 450 jobs, the trade union said on Tuesday.
The union branded the decision “unnecessary and unjustified” and said it would leave staff gravely concerned about their job security and livelihoods.
Unite national officer Dominic Hook said: “How can a profitable finance organisation such as Barclays slash over 450 staff amid a cost-of-living crisis?"
BREAKING NEWS - Barclays to cut over 450 staff. Unite branded the decision “unnecessary and unjustified” which will leave staff gravely concerned about their job security and livelihoods.
— UniteFinanceSector (@Unite_Finance) September 12, 2023
"This isn’t an organisation struggling to survive, this bank is making billions of pounds of profits."
"If these plans for compulsory redundancy are implemented then hundreds of families will lose their livelihoods and face financial hardship because of a management decision which is both unnecessary and unjustified," Hook added.
“The staff losing their jobs are not highly paid rich City bankers but those earning modest salaries within Barclays," he added.
On Monday Reuters reported the job cuts would focus on the bank's retail business.
In July, Barclays said that in the three months to 30 June, it made pretax profit of £2.0bn.