A statement on the Bank of England website said:
The review looked at staff deployment and direct expenditure and has identified savings of around £18m by 2015/16 (around 10% of the spend reviewed).
Funds released through this review will be re-invested across the business in order to support delivery of the Bank’s statutory objectives.
As a result, a number of teams around Central Services will be reorganised.
– Bank of England
The changes will provide new opportunities for some staff, as they will move to new roles in the organisation.
A number of other jobs will not be filled as staff retire or move on. It is, however, envisaged that there will be between 80-100 redundancies, subject to staff consultation.
The Bank is working closely with the Bank’s union to ensure that affected staff will receive support to find alternative employment.