Barclays IT job cuts will not be banking sector's last

Barclays is planning to cut an extra 350 UK technology jobs, an internal e-mail has revealed.

The move adds weight to predictions that up to 7% of...

Barclays is planning to cut an extra 350 UK technology jobs, an internal e-mail has revealed.

The move adds weight to predictions that up to 7% of IT workers in banks across the world could lose their jobs this year as part of plans to improve operational efficiency.

Barclays will cut some 700 jobs, with half already announced as part of a plan to remove 1,800 positions globally.

Barclays said it would not comment because it is too early in the redundancy process.

The bank said in July last year that it would cut 1,800 IT jobs in the UK as it seeks to build "centres of excellence" in offshore locations.

Jobs at Barclays' global infrastructure and service delivery (GISD) unit were expected to move to India, Hungary and Singapore.

Ralph Silva, analyst at Towergroup, said there would be fewer IT job cuts over the coming months compared to the previous quarter. But he warned that between 5% and 7% of IT jobs in banks around the world could be cut this year.

"Most banks are already have the minimum amount of IT people they need to operate. Further cuts will come from cutting out entire departments."

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