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Barclays Bank set to downsize employment numbers

It has today been revealed that Barclays bank will be making just over 2000 of its employees redundant in the weeks and months ahead. While the move is not totally unexpected, many are pointing the finger at the company's directors who chose to go to the Middle East for investor capital rather than take up the UK government option of a taxpayer funded bailout. At the time the move did attract serious criticism from both private and institutional investors and even though the terms were loosened slightly it did not go down very well at all.

This is the first real sign of trouble at Barclays for some time although when you consider the company is highly exposed to the securities market, the fall of Lehman Brothers did perhaps indicate the future direction of the market. Even after the 2000 or so job cuts the company will still employ around 30,000 people worldwide and remain a substantial company in the worldwide financial market. However, whether some of these jobs could have been saved if the taxpayer funded option had been taken is something we shall never know.

There is also speculation that breakdowns and job cuts across the sector are being implemented now in order to clear the decks for a bank's bailout part two.

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