Not enough people want to leave.
Bloomberg News reports that the bank has seen a decline in staff voluntarily leaving in the aftermath of Brexit, which managers are attributing partly to fears their positions may be relocated if they switch to a rival less tied to London, according to people familiar with the trend. The lower attrition is forcing managers to reassess their workforce planning and recruitment models as Barclays tries to eliminate costs 1 billion pounds of costs ($1.3 billion), they said.
The bank’s overall 12-month rolling voluntary attrition dropped to about 10 percent in October from 12 percent at the same time last year, according to the people. In the U.K., the measure fell 2 percentage points to 8 percent, they said. A Barclays spokesman declined to comment.
The drop is most notable in technology and operations. Among the 30,000 people that work in the chief operating office -- which accounts for about a third of employees and is run by Paul Compton -- the rolling attrition rate has recently fallen to around 10 percent after staying at about 13 percent for at least the past three years, said the people, who asked not to be identified speaking about private data.
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