SL staff face an anxious wait

Published on Tuesday 27 October 2009 08:46

STAFF at the Standard Life Bank in Edinburgh were today awaiting news of their future, after parent company Standard Life agreed to sell its banking arm to Barclays.

The 226 million deal will see all 268 Standard Life Bank staff transfer over to Barclays, although it was not clear whether this would lead to any job losses. Mark Lazarowicz, Labour MP for Edinburgh North and Leith, said he planned to meet with senior management at Barclays Bank to discuss the implications of its takeover.

"I want to find out more about what this means for jobs, both for existing employees and for the future," he said.

"Barclays have told me that they didn't anticipate any job losses in the foreseeable future. I would hope that Barclays would see the advantage of actually expanding operations in Edinburgh."

Barclays will acquire 8.8 billion of mortgages and 5.5bn of customer deposits from the Edinburgh firm.