Barclays UK investment banking IT jobs hang in the balance

Barclays is planning another 2100 global redundancies in its investment banking businesses . T he UK and London are set to see...

Barclays is planning another 2100 global redundancies in its investment banking businesses. The UK and London are set to see significant job cuts.

About 1,300 are expected to go at Barclays Capital, 500 at Barclays Wealth and 370 at Barclays Global Investors. IT is currently being cut back by banks as business levels reduce.

Keith Brooks, general secretary at Unite, said the union will meet Barclays about the jobs to go at Barclays Wealth on Friday and Monday. "These are all in the UK and UK offshore islands," he added.

Because Barclays Capital is London-based he expects the city to be hit hard by the 1,300 job cuts planned there. "My guess is that the jobs will go in London."

Brooks said there is a lot of IT staff being targeted across banks at the moment to cut costs.

Barclays also announced last week that it 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.

IT is being scaled back in investment banks as they come to terms with lower business levels.

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 various reports last month, up to 3,000 jobs will be cut in the bank's global banking and markets divisions.

Read more on IT jobs and recruitment