Barclays to stop using Woolwich name, axe 1,200 jobs |
|
|
|
Published
:
Thu, 29 Jun 2006 10:05
|
LONDON - Barclays is all set to close about 200 branches and axe 1,203 jobs in a massive restructuring plan that will see the Woolwich name disappear from High Street. The plan is intended to revive Barclays retail banking business.
Centers at Bexleyheath, Kent, Clacton in Essex and Dudley in the West Midlands are to be shut down in 2007 and 2008 and the move will be associated with compulsory redundancies. Barclays said it would be absorbing as many staff as possible, but there were bound to be some job losses. Barclays acquired the Woolwich, which has been in existence from 1847, for £5.9 billion in October 2000. Barclays has attracted a lot of criticism over the way it has handled Woolwich.
The restructuring plans were announced by Deanna Oppenheimer, the American high-flyer who came from Washington Mutual in August. Woolwich did make profits of £2.45 billion last year, but when compared to the whole business seemed sluggish.
"Results in UK retail banking have shown pleasing signs of progress and we have reported a period of sustained income growth. However, our aim is to accelerate the development of UK retail banking toward our objective to be the best bank in the UK," said Ms Oppenheimer. "Our focus will be on enhancing the Woolwich brand, improving the branch network and streamlining back office processing." But she also stressed that the relationship between Woolwich and Barclays would not change, "It will be like the iPod is to Apple".
Barclays will also close Woolwich branches that are located within 300 meters of a Barclays branch.
|
|
|
|
Print this Story
Alliance & Leicester maintain positive outlook despite pre-tax profit dip 