Barclays may move 2,000 back office jobs to India: report
23 Jan 2013
British multinational banking and financial services company Barclays is planning to move hundreds of back-office jobs to India as part of cost-cutting measures, reports quoting sources at the bank said
With around 2,000 jobs on the line at its troubled investment banking unit in London, Barclays is believed to have dispatched a team to recruit and train new staff in India to replace workers in both London and New York, according to The Independent.
Barclays, which employs around 9,000 people at its investment banking division in the UK, is reported to have already started consultations with its employees at its investment bank on the planned job cuts.
The bank is expected to inform staff in Europe, Asia and the US of redundancies in the next few weeks, reports quoting sources close to the development said.
Barclays did not confirm the exact number of jobs at risk but said those affected would be largely linked to back-office and support functions.
The move to offshore relatively modestly paid jobs to India could give rise to fresh controversy, especially among workers unions in Europe, which is already hit by financial sector woes.
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