UK-based bank holding company Barclays is planning to cut more than 450 employees, according to Unite, a trade union representing employees at Barclays.

Unite said that the bank’s decision was ‘unnecessary and unjustified’ and would affect the job security and livelihoods of the workers.

Barclays reported a net profit of £1.32bn for the quarter ended 30 June 2023, a 24% rise compared to £1.07bn for the same quarter in 2022.

The trade union questioned that, being a profitable finance organisation, how could Barclays lay off more than 450 employees amid a cost-of-living crisis.

Unite national officer Dominic Hook said: “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.

“The staff losing their jobs are not highly paid rich City bankers but those earning modest salaries within Barclays. These employees worked throughout the Covid-19 pandemic to help to deliver the highest customer service to Barclays customers. These workers deserve better.”

“Unite is opposed to these job losses and has called on Barclays to commit to no compulsory job losses. The bank must scrap these plans and reconsider. Unite is willing to work with the bank to ensure staff are given re-training and redeployment opportunities.”

In addition, the trade union unveiled its plans to meet the Barclays chief executive to pursue a guarantee of ‘no compulsory job losses’ at the bank.

Recently, Reuters reported that Barclays was preparing to axe around 400 jobs in its retail bank, alongside potential layoffs in its investment bank, citing a source familiar with the matter.

A Barclays spokesperson told Reuters: “We do not comment on speculation. We regularly review our operations to ensure we meet the evolving needs of our customers and clients in an efficient and effective way.”

Earlier this month, the British lender was reported as preparing to divest a part of its merchant-acquiring business in the UK, as part of its efforts to grow the business.