It has been reported in The Independent, that Barclay’s is planning to off-shore hundreds of back office & support job roles from its investment banking business to India. This is expected to be a crucial cost cutting measure for the bank. The move is expected to replace a part of its back office team in London & New York.
The move is being seen as a bold step by the new Chief Executive Antony Jenkins-"Transform" initiative to "optimize the business".While there has been no confirmation on decisions of off shoring, it is learnt that the company has already initiated the process of hiring and training people for its back office operations in India.
A statement form the company on the move states – "As part of our ongoing location strategy, we have been and will continue to move roles from one international location to another. This strategy will deliver improvements in our processes for the ultimate benefit of our clients."
The Independent – Barclays to move hundreds of back-office jobs to India