Bank of England Cuts 8% of Headcount in Push to Slash Costs (1)

Around 8% of staff at the Bank of England will leave in the next few months as part of an effort to ease pressure on the bank’s strained finances.

A BOE spokesperson said 446 employees will depart out of over 5,700, after an oversubscribed program saw more than 700 people volunteer to exit. The central bank said it is paying out £36 million ($48 million) to those leaving, equivalent to £81,000 per staff member.

The move marks a big step in the BOE’s drive to slash costs and stabilize its budget after its expenses mushroomed on account of the modernization ...