Barclays is hiring a further 1,500 staff in Singapore to run its growing technology centre there. The news comes as Barclays works on a programme to cut 2,000 technology staff in the UK to save money.
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Frits Seegers, chief executive of the bank's global retail and commercial banking arm, told local reporters, "We picked Singapore to be the technology heart for Barclays. We will put the high-value jobs in Singapore, as it offers the quality staff we need."
Barclays is now ploughing cash into three Asian technology centres located in Singapore, Shanghai and the Indian city of Pune.
A new technology centre in Singapore will support the group's retail and commercial banking businesses globally.
Barclays has already hired about 110 staff for the new centre and it plans to hire a further 300 to 400 by the end of next year. The headcount will rise to 1,500 within five years, Seegers told the local Straits Times.
Barclays already employs 2,500 in its investment banking and wealth management businesses in Singapore.
"We have to be where the people are," Seegers said. "Asia has a 2.6 billion population and this is where we want to be".