Oct 03 GSD Deeply Regrets Barclays’ Decision
The Gibraltar Social Democrats has said that it deeply regrets and is very seriously concerned at Barclays’ decision to close its local banking services, which will include the closure of the Main Street Branch and therefore the loss of its frontline, high street presence in Gibraltar next year.
“The party’s immediate concern is the impact that this decision will have on the employees who will be losing their jobs, in excess, it understands, of some 90 people. This will prove a huge financial blow to them individually and their families,” said Damon Bossino, the GSD’s employment spokesman.
Quite apart from the very worrying impact on jobs, Barclays is a well-recognised, international banking brand name. The fact that it is closing down its local banking presence and, from what appears from the press report, maintaining only nominal services, will be a hard pill to swallow for Gibraltar as a whole.
The impact that this decision will have in terms of confidence and the availability of retail and lending services to the local community as a whole are also matters that give the GSD cause for concern.
The GSD notes that the Government stated earlier this year that it was working closely with the Country Manager for Gibraltar in order to ‘seek to secure the future business and the jobs of all those employed by Barclays in Gibraltar’. Whilst the party also notes that the Chamber of Commerce has been active in seeking to persuade the Bank to remain and in that connection has been reportedly lobbying MPs, the Opposition is eager to know what efforts have been made by the Government to try and retain as important an institution as Barclays is to Gibraltar. On any review of recent press statements since Barclays announced its decision that it was conducting a three month review, the Government’s statements on the matter have been conspicuous in their absence.
Following the Government’s statement today on this issue, Damon Bossino said:
“I urge the Government to set out those measures it is considering to ‘find solutions to the job losses and community banking issues that arise from this decision’. Those individuals and families who are facing the prospect of job losses require as much support as possible and must be the top priority concern at the moment. The future lending requirements of our community must also rank highly in the immediate issues to address.”
