- U.K. bank confirms some Singapore IT jobs moving to India
- Follows earlier round of Singapore technology job cuts in May
Barclays Plc 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.
Like many banks, Barclays is seeking to reduce expenditure to bolster returns on equity at a time when tougher global regulation is boosting costs. Earlier this year, the London-based bank shut its cash equities operations across Asia as part of a reduction of 1,200 positions globally.
“We have now identified a number of additional roles that carry out global activity in Singapore which can be relocated,” Barclays said in the statement Monday on the technology job cuts. “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 IT 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.
Morgan Stanley is also shifting back-office jobs to India. The New York-based bank plans to move about about two-thirds of its 75 operations team jobs from Shanghai to the South Asian nation, a person with knowledge of the matter said in May.