Barclays redundancies

Last month, 9,000 staff in the investment banking arm of Barclays received an email informing them that a consultation had begun, which could lead to redundancies, as part of an on-going review instigated by the group’s new chief executive Antony Jenkins.

The Financial Times reports that Barclays has now said it would shed 1,800 posts from its corporate and investment banking arm in 2013 and another 1,900 retail and business banking posts in continental Europe this year.

Consultation with UK-based employees is being carried out so that Barclays can start to effect some of the strategic changes as a consequence of the Transform review of the business. According to the BBC, Barclays expects very few of the job losses in the UK.

As Barclays has proposed to dismiss as redundant more than 20 employees within a period of 90 days, the bank is under a duty to collectively consult with ‘appropriate representatives’ (trade union representatives or elected employee representatives) of the investment bankers.

At the end of the consultation period, those selected for dismissal will probably be offered compromise agreements. A compromise agreement is a legally binding agreement, that is used to settle employment law disputes on the termination of employment.

If you are at risk of redundancy or have been issued with a compromise agreement, then please contact our employment law solicitors today for expert advice on your employment matter. Our solicitors regularly act for senior executives in the financial services sector and they have a track record of success in ensuring that the most favourable settlement terms are negotiated on the termination of employment.

For further information, please call 0207 956 8699 or email info@rllaw.co.uk.