Finance
Bank of England offering voluntary redundancies to staff to fund reforms
Published by Global Banking and Finance Review
Posted on December 9, 2025
1 min readLast updated: January 20, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on December 9, 2025
1 min readLast updated: January 20, 2026
The Bank of England is offering voluntary redundancies to staff to fund infrastructure reforms recommended by Ben Bernanke.
LONDON, Dec 9 (Reuters) - The Bank of England is offering voluntary redundancies to staff at the central bank to help fund the investment in new infrastructure that was recommended in a review carried out by former Fed chair Ben Bernanke, BoE policymakers said.
The central bank was making progress on implementing some of the technology changes, including adopting new data platforms, but the process would take time, Deputy Governor Clare Lombardelli told parliament's Treasury Committee on Tuesday.
"The Bernanke investment is one form of the types of investment that the bank is undertaking," Lombardelli said.
"The bank is undertaking a whole series of investments dealing with some of ... the technology challenges that we have. So, you know, a consequence of that is we're having to breathe in a bit on the staffing side to make space for that investment."
The scheme would be open to staff across the bank, Lombardelli and Deputy Governor Dave Ramsden said.
(Reporting by David Milliken; writing by Suban AbdullaEditing by William Schomberg)
Voluntary redundancy is a process where employees are offered the option to leave their job, usually with a financial incentive, as part of a company's restructuring or cost-cutting measures.
The Bank of England is the central bank of the United Kingdom, responsible for issuing currency, setting monetary policy, and maintaining financial stability.
Infrastructure investment refers to the allocation of capital to projects that improve the physical systems of a country, such as transportation, utilities, and communication networks.
A central bank is a financial institution that manages a country's currency, money supply, and interest rates, aiming to ensure economic stability.
Technology changes in banking involve the adoption of new systems and platforms to improve efficiency, security, and customer service in financial operations.
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