Barclays axing 100 IT jobs in S'pore: Sources

The job cuts are a part of moves to reduce costs, with some of the Singapore positions moved to India.
The job cuts are a part of moves to reduce costs, with some of the Singapore positions moved to India. PHOTO: BLOOMBERG

SINGAPORE/LONDON • Barclays is cutting about 100 jobs from its information technology operation in Singapore as part of moves to reduce costs, according to people with knowledge of the matter.

Some of the Singapore positions will move to India, said the people, who asked not to be identified as the information is not public.

In a statement, Barclays confirmed it is in the process of cutting jobs in Singapore, but declined to say the number of people affected. "We have now identified a number of additional roles that carry out global activity in Singapore which can be relocated," it said in an e-mailed statement.

"Regrettably, this will mean that roles will fall away in Singapore, and so we are working closely with the colleagues impacted to ensure they are supported throughout the process."

The latest reduction follows an earlier round of information technology cutbacks in May, when some global technology roles in Singapore were moved to the bank's other technology hubs, including the one in India, London-based Barclays said in the statement. The bank earlier this year shut its cash equities operations across Asia as part of a reduction of 1,200 positions globally.

The bank has also named JPMorgan Chase's Mr Tim Throsby to run the corporate and international division, including oversight of the investment bank. The investment bank has been without a head since Mr Tom King left in March, when Barclays was split in two to comply with British rules requiring the separation of banks' consumer and trading operations.

Mr Throsby, 50, will take on the role in January, subject to regulatory approvals, Barclays said in a statement yesterday, a day after Bloomberg News reported the bank's plans to hire the executive.

"Turning around the investment bank is a massive job, but the good news is that he's got a boss who understands what's going on, and he's fortunate to be coming in after a lot of the bad stuff has been dealt with," said Mr Christopher Wheeler, an analyst at Atlantic Equities, referring to Barclay's chief executive officer, Mr Jes Staley.

Mr Staley is relying on Mr Throsby to shore up the performance of the investment bank, which has been criticised by investors for its low profitability, billions in misconduct fines and a drop in trading revenue as European growth falters.

The CEO has described calls to exit the business as "shortsighted", but has pared its scope, closing offices in seven Asian countries, Brazil and Moscow.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on September 06, 2016, with the headline 'Barclays axing 100 IT jobs in S'pore: Sources'. Print Edition | Subscribe