Wearside will escape worst of Barclays job cuts

Have your say

SUNDERLAND is set to miss the worst of swingeing job cuts announced by banking giant Barclays.

The firm, which employs hundreds of people at its Doxford International call centre, yesterday revealed it is to cut at least 3,700 posts worldwide.

But with 1,800 jobs to go in the Corporate and Investment Bank and 1,900 in Europe Retail and Business Banking, a spokesman confirmed the impact on Sunderland would be “minimal”.

Chief executive Antony Jenkins is shutting the bank’s controversial Structured Capital Markets tax advisory division, and he said 1,800 jobs would go in corporate and investment banking and the European retail and business arm as part of a plan to slash costs by £1.7billion.

A total of nearly £2.5billion which was set aside by the bank to cover misselling compensation claims contributed to a plunge in pre-tax profits.

Barclays announced yesterday that profits fell from £5.9billion in 2011 to £246million last year.

The decision to close the tax advisory unit, which gave advice to large companies on how to avoid tax, is being viewed as a bid to repair the bank’s battered reputation and overhaul its culture and practices after a string of damaging scandals.