300 job losses at home loan firm

Firstplus, part of the Barclays business, provides homeowner loans

Banking giant Barclays is cutting 300 jobs at its home loans division in Cardiff, it has announced.

Firstplus, which employs around 430 at its base in the Pentwyn area of the city, said it was no longer taking on new customers due to slowing demand.

A total of 130 staff will stay on to deal with existing customers. Alternative roles are being sought for the 300 across Barclays businesses.

The UK's biggest trade union Unite said it was "incensed" at the decision.

Unite deputy general secretary Graham Goddard said: "Whilst the union understand that the market conditions mean that the Firstplus product is no longer viable, we wholeheartedly condemn the decision to run down the Cardiff site.

"Barclays should replace the 300 jobs lost with work from other parts of the bank.

"Barclays has few large centres in Wales compared to other large banks, which makes this decision all the more regretful. We are calling on Barclays to reconsider and replace these jobs in Cardiff."

'Difficult time'

Unite said it had secured agreement from Barclays to seek alternative employment for those who wished to remain employed in the bank, although these options were likely to be "limited".

Barclays said Firstplus will stop making new loans to customers from August 9 due to slowing demand.

Neil Radley, managing director of Firstplus, said: "In the past year we have tried a whole range of activities to develop our business but the market demand simply isn't strong enough.

"We recognise this is a difficult time for our people and will be providing all those affected with support and assistance."

The company said the announcement had no impact on the current loans of the 128,000 Firstplus customers.