British banking goliath Barclays has told employees it will cut 900 positions across its domestic business, according to trade union Unite, which revealed the cuts on Tuesday. It called the bank’s decision disgraceful, due to the timing, as Christmas approaches.

Unite said the cuts were going to primarily target the back-office divisions of the bank, including compliance, finance, legal, policy, IT, and risk.

Unite said the affected employees were notified that they were being fired during their Tuesday lunch time.

Barclays said the restructuring was necessary, “to simplify and reshape the business, improve service, and deliver higher returns.”

According to a company spokesperson that was quoted by AFP, “This includes changes to our headcount as management layers are reduced and the group improves its technology and automation capabilities.”

They added, “We are committed to supporting impacted colleagues through these changes.”

In recent years the bank has been cutting its costs through a mixture of branch closings and staff layoffs. Recent reports have said the lender is now formulating plans to eliminate up to £1 billion ($1.2 billion) in a strategic overhaul to lift profits.

In an interview with AFP, Unite general secretary Sharon Graham argued, “Barclays is disgracefully cutting jobs to further boost its massive profits. This is a mega-rich bank that is already on course to make eye-watering profits this year.”

Barclays had signaled that it was looking at more cutbacks last month, after third quarter profits came in down 16%.

Consumer groups have argued that the recent spate of closures of high-street branches at Barclays and other British banks will have the most deleterious effects on the elderly, who still use cash, predominantly.