Barclays cuts another 400 IT workers

Barclays Bank is to cut 400 IT jobs, including 150 in-house IT jobs and 250 contractors from its Global Infrastructure Delivery Unit.

Barclays Bank is to cut 400 IT jobs, including 150 in-house IT jobs and 250 contractors from its Global Infrastructure Delivery Unit.

The company said some jobs had become obsolete and others were duplications. Most of the job cuts planned are in Cheshire and London.

The bank said it is attempting to reduce compulsory redundancies through releasing contractors, closing vacancies and opening voluntary redundancy registers.

"Barclays continually reviews its operations and resources so that it functions as efficiently as possible as business needs and customer requirements evolve," said a statement. "As part of this process, we have identified some aspects of our technology operations where the organisational structure impedes performance, and roles and responsibilities for colleagues are unclear. In some cases, roles are obsolete or being duplicated elsewhere within the bank."

Other banks have been reducing staff numbers to position themselves for tough business conditions and IT jobs have been hard hit.

HSBC cut 1,100 jobs in its investment banking division in September including 500 front and back-office jobs in London.

Credit Suisse, which made a loss in the third quarter of this year of £704m, has announced 650 job cuts including IT support functions.

Citigroup plans to cut its global workforce by 52,000 jobs across all businesses and geographies in the near future. Citigroup CEO Vikram Pandit revealed last month that the bank would cut 20% of its employees at the group.

The Royal Bank of Scotland (RBS) is expected to make thousands of job cuts as it comes to terms with the economic slowdown. According to reports last month, up to 3,000 jobs will be cut in the bank's global banking and markets divisions.

 

 

Barclays is also expected to cut IT jobs at its FirstPlus loans business as it closes to new business. It will keep its IT infrastructure to process existing customer loans, but is scaling it back.

Charles Black, CEO of hosted desktop provider Nasstar has said,"For too long CIOs have adopted the 'open wallet' approach to IT spend, running up bills on expensive software and server replacements. That also means manpower and that is a very resource-hungry way to enjoy the benefits of IT."

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