Barclays to Move 4,000 Investment-Bank Jobs to Cut Costs
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Barclays Plc, Britain’s third-largest lender by market value, said it will shift 4,000 more administrative jobs to lower-cost locations to reduce expenses.
The lender plans to save as much as 250 million pounds ($381 million) by moving the positions, which are mostly in information technology and operations, Eric Bommensath, co-chief executive officer of corporate and investment banking, said in a presentation to investors today. He didn’t give details of which countries the posts will move to, and a spokesman for the London-based lender declined to comment further.