The P45s will be handed to 1,800 bankers in the corporate and investment section, while 1,900 staff at the company’s retail and business banking arm will also face the axe.
The move, announced by the company’s new chief exec Antony Jenkins, forms part of a cost cutting strategic exercise- codenamed “project Transform” – which fat cats hope will see the bank’s total cost base reduced by £1.7 billion to £16.8 billion in 2015.
The bank is also moving to try and appease the public and shareholders claiming that it will close down the controversial tax planning business. It has also set aside £1.6 billion to compensate customers sold payment protection insurance (PPI) and £850 million for people who were sold interest rate hedging products.
And it’s also ensuring it doesn’t get caught up in a fat cat bonus barny, claiming that its
staff bonus pool was down 16 percent in 2012, with the average bonus it paid last year fell 13 percent to £13,300.
Over at the investment arm of the bank, while the average bonus paid to staff fell 17 percent to £54,100.
The strategy arrives as the bank announced its latest financials, which showed a rise in profits by 26 percent to £7.05 billion.