April 14, 2020 / 11:32 AM / 4 months ago

Barclays halts new job cuts during coronavirus crisis: memo

FILE PHOTO: The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville

LONDON (Reuters) - Barclays (BARC.L) has halted new job cuts while the coronavirus crisis is ongoing, the bank said in an internal memo seen by Reuters on Tuesday.

The British lender also said it is offering additional financial support to staff already in the process of being made redundant, modelled on the government’s furlough scheme which offers up to 80% of an employee’s wages up to 2,500 pounds ($3,134.00) per month.

The payments will be funded by Barclays rather than the government, however.

A Barclays spokesman confirmed the contents of the memo.

Reporting By Lawrence White, Editing by Iain Withers

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