Bank of England Plans Staff Cuts Because of Budget Pressures

The Bank of England is planning to reduce head count as its finances become strained by the cost of implementing the modernizations recommended by Ben Bernanke.

The UK central bank has invited employees to volunteer for potential layoffs, according to two people familiar with the matter. It will run “a mutually agreed, time-limited scheme for staff to choose to apply to leave,” it confirmed in a statement, adding that it had otherwise struck a deal for a 3% pay increase next year.