BoE planning to cut headcount due to budget pressures - report
By Michele Maatouk
Date: Monday 08 Dec 2025
(Sharecast News) - The Bank of England is reportedly planning to cut headcount as its finances become strained by the cost of implementing the modernisations recommended by Ben Bernanke.
According to Bloomberg, citing people familiar with the matter, the central bank has invited employees to volunteer for potential layoffs.
It will run "a mutually agreed, time-limited scheme for staff to choose to apply to leave," the bank confirmed in a statement to Bloomberg, adding that it had struck a deal for a 3% pay increase next year.
If the bank fails to meet ambitious efficiency targets it may need to levy higher charges on the UK's banking and financial services sector, according to the minutes of the July meeting of its directors.
"We are now implementing a significant, multiyear transformation of our operations and this will condition our decisions," the BoE said in a statement. "We are committed to ensuring the bank is efficient, resilient and fit for the future."
One source told Bloomberg the layoffs process began last week and runs until mid-January, with staff expected to leave in March.
It was understood the BoE does not have a set target on the number of staff to depart and it is not guaranteed that it will approve requests from those who volunteer.
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