Barclays Cuts IT Costs by 90% With ‘Internal Cloud’, Times Says

Barclays Plc (BARC) will reduce its IT spending by billions of pounds after developing its own cloud- based technology, the Sunday Times reported, without saying where it got the information.

The bank, which is also beginning to use Linux’s operating system, could reduce its IT costs by 90 percent, the London- based newspaper said without attribution.

Shaygan Kheradpir, the chief operating officer for retail and business banks, is introducing the new system across the bank’s other divisions, the paper reported without citation.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.