By Jason Douglas
LONDON--The Bank of England said Friday between 80 and 100
employees will be made redundant following a review of costs by
accountancy Deloitte.
The jobs will be lost from the central services unit, which
provides IT, legal and other support functions at the U.K. central
bank. About 1,000 people work in central services, just under a
third of the BOE's 3,600-strong workforce.
The redundancies and changes to how the unit is organized will
free up 18 million pounds ($30 million) by the fiscal year ending
in 2016 that will be reinvested elsewhere, the BOE said.
A separate strategic review of the BOE is being carried out by
consultancy McKinsey & Co. under the guidance of BOE Chief
Operating Officer Charlotte Hogg, a former Banco Santander SA (SAN)
executive.
Governor Mark Carney initiated the review in October to examine
how best to deploy its resources to fulfill a beefed-up role in
charge of British monetary policy, financial stability and bank
supervision.
Britain's central bank officially regained its ancient role
overseeing the financial sector in April under reforms brought in
by Prime Minister David Cameron's coalition government, having lost
the responsibility in an earlier shakeup of economic policymaking
in 1997.
Overhauling how the U.K. central bank goes about its day-to-day
business is a priority for its Canadian governor, as well as for
lawmakers in parliament who have been critical of how the
320-year-old institution is run and how it responded to the
financial crisis that tipped the U.K. into recession in 2008.
Write to Jason Douglas at jason.douglas@wsj.com