Barclays to put a halt to job cuts

Ryan Fowler

April 14, 2020

Barclays has suspended planned job cuts whist the coronavirus crisis continues, according to a leaked memo seen by Reuters

HSBC and Lloyds have already put a halt to several thousand of redundancies in light of the ongoing crisis.

Reuters also said the lender is offering additional financial support to staff already in the process of being made redundant based on government’s furlough scheme which offers up to 80% of an employee’s wages.

These payments will be funded by Barclays rather than the government.

HSBC had been planning to cut 35,000 jobs across its global workforce whilst Lloyds had plans to slash almost 800 jobs across its branch network.

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