British banking firm Barclays has announced plans to hire more than 1,000 staff in the coming time, in light of potential economic downturn.
Acccording to Chief Executive Officer C S Venkatakrishnan, there are signs of fallen consumer confidence in September as mortage-holders are making over-payments to whittle down debt. Yet the company's credit card and spending data doesn't show increasing stress.
The latest move part of similar inititiatives undertaken by HSBC Holdings and Virgin Money UK as consumers struggle with the fastest price rises in four decades coupled with high mortgage costs and energy bills alongside the prospect of inflation and recession.
As per Barclays' website, the firm already has 8,000 staff available to discuss finances with UK customers.
“We aim to hire more than 1,000 more people in coming weeks to improve that capacity,” said Venkatakrishnan.
HSBC has contacted about 5.5 million customers to inform them about its support offerings while Virgin Money is planned inititiaves in expectation that their customers would need more support.
The financial issues have stem up as consumers and corporate clients are defaulting on their loan in a cooling economy. Banks and lenders have been warned in several quarters to be ready for the failing economic situation and setting aside hundreds of millions of pounds for loanscould go bad.