Bank of England

Type
Internal restructuring
Country
United Kingdom
Region
London;
Location of affected unit(s)
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.11 - Central banking
100 - 125 jobs
Number of planned job losses
Job loss
Announcement Date
31 January 2014
Employment effect (start)
Foreseen end date

Description

Central bank Bank of England has announced that it is to cut at least 100 jobs. This is a response to a value for money review performed by the Bank of England and consulting company Deloitte.

The affected jobs will be in IT and human resources positions. This is part of the bank’s plan to increase its efficiency at the support division and save about GBP 18 million. 

Unions have announced to fight against compulsory redundancies.  

Sources

  • 31 January 2014: The Guardian

Citation

Eurofound (2014), Bank of England, Internal restructuring in United Kingdom, factsheet number 76570, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76570.