British banking giant Barclays has decided to temporarily suspend new job cuts in the wake of the ongoing coronavirus (Covid-19) pandemic, Reuters reported.

For the employees already in the process of the layoffs, the bank is offering financial relief based on the UK Coronavirus Furlough Scheme.

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Under the scheme, employees who lost their jobs are offered 80% of their wages up to a maximum of £2,500 ($3,134) every month, the report added.

The scheme, albeit introduced by the UK government, the payments will be funded by Barclays.

Banks around the world are taking several measures to keep their businesses afloat during the ongoing crisis.

The measures include suspending job cuts since the pandemic is impacting the markets and businesses.

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Last month, Royal Bank of Canada (RBC) decided not to cut jobs in 2020 due to the Covid-19 outbreak.

In the same month, British challenger bank Virgin Money also decided to halt scheduled job cuts and branch closures in a bid to mitigate the impact of the virus.

Many other banks in the US and Europe have decided to suspend scheduled job cuts in the wake of the coronavirus.

In the US, the banks that have decided to suspend new job cuts include Wells Fargo, Citigroup, and Morgan Stanley

In Europe, HSBC has temporarily put a hold on 35,000 redundancies, Deutsche Bank paused 18,000 job cuts, and Lloyds Bank halted its plans to layoff 780 positions.

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