Bank of England Initiates Cost-Cutting, Potential Job Losses
Update: 2025-12-08
Description
The Bank of England is embarking on a significant cost-cutting initiative, potentially leading to job losses for hundreds of its employees. This move is part of a forty-five-million-pound savings drive, aiming to achieve an eight percent reduction in its daily operational budget. The Bank has invited most of its staff to apply for voluntary layoffs, with a severance package offered to those who choose to participate. This restructuring comes after a review from Ben Bernanke and the need to update its technology infrastructure. While voluntary departures are the initial focus, the Bank has not ruled out compulsory job cuts if the voluntary program does not meet its targets.
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