100 Bank of England jobs face axe

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The Bank of England is planning to cut up to 100 jobs following a "value for money" review - ending a "dismal" week for losses in the sector.

The Bank said its review, launched last autumn shortly after the arrival of governor Mark Carney, had identified savings of around £18 million by 2015/16.

Central services will be reorganised, providing "new opportunities" for some staff, while other jobs will not be filled as staff retire or move on.

The Bank said there will be between 80 and 100 redundancies.

The news follows an announcement by Barclays yesterday of 400 job losses under changes in its corporate banking division, while Lloyds Banking Group said earlier this week it was cutting 1,080 jobs across its retail, risk, operations and commercial banking divisions.

Unite said the cuts, in security, computing and human resources, will come as a shock to employees and will cause "much concern".

National officer Dominic Hook said: "Barely a day has passed this week without an employer in the finance sector announcing cuts to its vital staff. It has been a dismal week for workers across the industry.

"The Bank of England should be setting an example to other banks, not behaving in the same imprudent manner that others have been.

"This constant insecurity across the financial services industry is extremely damaging for the staff, who continue to work under the hardest of conditions."

Unite said it will strongly oppose any compulsory redundancies.

The Bank said in a statement: "The Bank of England is today announcing the results of a value for money review aimed at improving the efficiency and effectiveness of the Bank's support division - central services - and to allow more resources to be devoted to the Bank's expanded range of responsibilities.

"The review looked at staff deployment and direct expenditure and has identified savings of around £18 million by 2015/16 (around 10% of the spend reviewed). Funds released through this review will be re-invested across the business in order to support delivery of the Bank's statutory objectives.

"As a result, a number of teams around central services will be reorganised. The changes will provide new opportunities for some staff, as they will move to new roles in the organisation. A number of other jobs will not be filled as staff retire or move on. It is, however, envisaged that there will be between 80-100 redundancies, subject to staff consultation.

"The Bank is working closely with the Bank's union to ensure that affected staff will receive support to find alternative employment."

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