LONDON, Jan 26, 2011 – British bank Barclays on Wednesday announced plans to axe around 1,000 jobs with the closure of its financial planning division, sparking anger from trade union Unite.
"Barclays has been conducting a detailed review of its financial planning advice over recent months," the bank said in a statement.
"This review has concluded that, given the changes to the retail investment marketplace, it is unlikely that this business would be able to deliver a return that would justify the investment required.
"As a result of this, Barclays has entered into consultation with employees who support Barclays Financial Planning (BFP), the division of Barclays that offers face-to-face financial planning services to retail customers."
The bank\’s BFP division employs around 1,00 people, according to a company spokesman.
"Barclays is consulting fully with the union Unite and, if the proposals go ahead, is committed to supporting employees through this change, including a full range of redeployment services identifying potential options within and outside Barclays," the group added.
However, Unite blasted the bank over the move.
"Barclays management should hang their heads in shame as 1,000 hard working staff are told they no longer have a job at the bank," senior Unite official Rob MacGregor said in a separate statement.
"Are the senior management of Barclays too busy counting their bonuses that they have totally lost touch with those who make their business successful?
"These highly trained workers will now face a bleak future along with the other 2.5 million unemployed in this country," he added.