Page last updated at 16:26 GMT, Wednesday, 14 January 2009

Barclays cuts another 2,100 jobs

Barclays Capital's Canary Wharf base
Barclays is the latest bank to cut jobs

Barclays says it will cut 2,100 jobs from its UK banking business, in addition to the same number of jobs it cut on Tuesday.

The latest jobs will go in retail and commercial banking. The company said it hoped to avoid compulsory redundancies.

Like many banks worldwide, Barclays has been hit hard by the credit crunch.

According to the Centre For Economic and Business Research, 34,000 financial sector jobs could be lost this year after 28,000 were cut in 2007.

Further cuts

Barclays needs to come clean and end their strategy of death by a thousand cuts
Graham Goddard, deputy general secretary, Unite

Barclays is in consultation with trade union Unite over the job losses. The union believes that the bank will be forced to lay-off more staff.

Deputy general secretary Graham Goddard said the union was in discussions with the bank "regarding further job loss announcements which we believe to be imminent".

"We are demanding that Barclays release the big picture which potentially involves 4,000 jobs including those in recent days. Barclays needs to come clean and end their strategy of death by a thousand cuts.

"We cannot continue with this situation of daily job cuts without any justification or explanation or the broader strategy of the bank," he added.

In total, Barclays currently employs 69,900 people in the UK and 156,400 globally.

Operations review

A bank spokesman said: "Barclays continually reviews its operations and resources so that they function efficiently as business needs and customer requirements evolve.

"In the current market conditions, this is particularly important."

Barclays said it would take "all possible measures" to reduce compulsory lay-offs.

On Tuesday, the bank cut 2,100 jobs from its fund management, private banking and investment banking units.

Barclays is the latest in a long line of banks, including Citigroup, Credit Suisse, JP Morgan and Santander, that have been forced to lay off staff during the downturn.

The bank shunned a UK government bail-out in November last year in favour of raising 7bn of capital through private investors in the Middle East.

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