Equities By Region Finance and Banking UK

Barclays share price: Bank could cut 280 jobs at Leeds call centre

Barclays (LON:BARC) has said that nearly 300 staff they could face redundancy or relocation from a call centre in Leeds, Reuters has reported. The move is due to unspecified ‘changes to its business’.

Barclays’ share price has slipped into the red in today’s session, having lost 0.34 percent to 162.70p as of 10:45 GMT. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.13 percent lower at 6,892.37 points. The group’s shares have lost more than 22 percent of their value over the past year, as compared with about an 11-percent drop in the Footsie.

Barclays to cut 280 jobs

Reuters reported yesterday that Barclays had informed 280 staff at its Millshaw Court call centre in Leeds that that their roles were at risk, with around 115 of the roles possibly relocating to Manchester or Liverpool, and Sunderland. The lender further said that it would keep the centre’s remaining 800-strong workforce informed on a search for an alternative office, while noting that it had secured a three year extension to the lease until November 2021.

Trade union Unite slammed Barclays’ plans, and noted that it was holding meetings with members on site over the coming days to seek the views of employees and support impacted staff.

Analysts on UK lender

JPMorgan Chase & Co, which is ‘overweight’ on Barclays, lowered its price target on the shares from 250p to 220p this week, while Goldman Sachs, which rates the lender as a ‘neutral,’ boosted its valuation on the stock from 210p to 215p. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 219.31p.

Last week, news emerged that Activist investor Edward Bramson could seek shareholder approval for board changes at Barclays after being denied a seat at the top.

As of 10:52 GMT, Wednesday, 23 January, Barclays share price is 162.40p.

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