Even the Bank of England Is Struggling to Make Ends Meet

Bank of England Governor Andrew Bailey has warned for months that UK firms may start to trim jobs. That trend’s now showing up under his own roof, as the bank embarks on a sweeping reorganization driven by the need to pare costs.

It started with the central bank inviting employees to volunteer to leave. Now, it’s looking at everything from moving staff to the North of England to selling off a sports club that’s used for the Wimbledon tennis championships as it targets an 8% reduction to operating costs in the next financial year.