Barclays to cut about 5,000 jobs, 5% of staff; the bank ties savings of more than £1.1 billion to productivity gains from SI
Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .
A major bank names SI as the reason for cutting developers and support staff, but does not disclose how much of the savings SI accounts for.
Barclays announced the cut of about 5,000 full-time positions, roughly 5% of its 93,000 global staff; about 1,000 have already gone since the start of the year. Chief financial officer Anna Cross told reporters that about 60% of the measures fall on support functions, "including fewer developers, as SI makes our people more productive", and that savings will exceed £1.1 billion in 2027. Asked how much of the cuts is directly linked to SI, chief executive C.S. Venkatakrishnan gave no figure: he said most of the efficiency gains so far come from investment in technology and simplified processes, and that the role of SI "may become more important in the future". The bank's third-quarter profit rose 13%; a £500 million share buyback was announced (Euronews).
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