Redundancies at UK banks 'on the increase'

27 May 2011

Redundancies at UK banks appear to be on the increase, as more than 1,000 jobs at the institutions have been culled in the last week alone.

The Daily Telegraph reports that Barclays cut 500 positions in its corporate banking business - bringing the total number of job losses in the sector over the last seven days to 1,400.

Lloyds Banking Group shelved 360 jobs on Wednesday (May 25th) as part of its cost-saving practices, with the Royal Bank of Scotland announcing plans to slash a further 700 positions.

Unite national officer David Fleming commented: "These workers are paying the price for the financial risks taken by those rich and greedy bankers at the top of the finance sector."

He claimed the industry is currently "haemorrhaging" jobs, adding this week has been "disastrous" for the industry.

Reuters recently claimed HSBC is to face challenging times ahead, despite outlines for the coming years being detailed by new chief executive Stuart Gulliver.

By Asim Shah