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February 3, 2014updated 04 Apr 2017 2:32pm

Bank of England to slash up to 100 jobs

The Bank of England (BoE) is slashing up to 100 jobs as part of its "value for money review" launched last year with the arrival of Mark Carney as governor.

By Verdict Staff

The Bank of England (BoE) is slashing up to 100 jobs as part of its "value for money review" launched last year with the arrival of Mark Carney as governor.

The review, launched last autumn, had identified savings of around £18 million by 2015/16.

The job cuts will come solely from support staff while policy areas are not expected to be affected.

The bank said some staff will be moved into new roles, while other jobs will not be filled as employees retire. However, it also implied that there would be jobs losses, subject to consultation with workers.

The BoE employs just over 3,600 people, of which about 1,000 work in the Central Services unit.

The news follows the announcement from Barclays that hundreds of jobs are being lost there under changes to its corporate banking division.

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