Economy

Barclays bank to cut 1,700 jobs in Britain

LONDON (AP) — Barclays bank plans to cut 1,700 jobs from its network of British branches, about 5 percent of the total workforce.

Britain's second-largest bank says it is seeking to make the cuts through voluntary buy-outs. It currently employs 33,600 people at 1,577 branches in Britain. Barclays said "the way in which our customers access their banking services is changing rapidly," with people using computers and smartphones for everyday banking and paying fewer visits to branches.

The bank said in a statement Thursday that "as a result of technological changes, we will be able to provide better service for our customers with fewer staff." The Unite trade union called the job cuts among cashiers, branch managers and other staff "a colossal mistake."

Related Headlines

  • Barclays critics line up after bonus pool increase

    Barclays PLC faced widespread criticism Tuesday after the scandal-plagued bank announced plans to slash up to 12,000 jobs this year while also setting aside more money to pay ... 

  • Volvo to cut 4,400 jobs in 2014

    Truck maker AB Volvo said it plans to lay off 4,400 employees this year as it revealed a 37 percent slide in fourth quarter profits. Volvo CEO Olof Persson said the job ... 

  • Paul Flowers

    Vice chairman? Downfall of ex-bank boss grips UK

    He was a bank boss, but had no apparent banking experience. He was a Methodist minister, but got busted for allegedly buying cocaine and downloading porn at work. 

  • Davos Forum warns over global income inequality

    The gap between the rich and the poor is the most likely threat to the global economy in coming years, the World Economic Forum said Thursday in a risk assessment ahead of the ...