Barclays lays off 450 employees in India

Friday, 30 April 2010, 02:30 Hrs   |    19 Comments
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Barclays lays off 450 employees in India
New Delhi: In its fourth and biggest retrenchment since December 2008, England's Barclays Bank has laid off around 450 employees in India, or close to a tenth of its workforce in the country, a source close to the development told Economic Times.

The latest job cut drive was kicked off three days ago and is much larger than the previous round where 150 employees were laid off in December 2009. Barclays had also pruned workforce in June 2009 and December 2008. "We may have had to take some tough decisions in the last few months to ensure that we have the right focus. But we are of the view that they were the right ones," Barclays India spokesman said. The number of job losses in this round is less than 450, but more than 150, the number of people laid off last December, he said.

After the current job cut, Barclays will have 5,000 employees across its five business units in India, retail and corporate banking; investment banking; wealth management, Barclays Shared Services, which handles the bank's back office operations and Barclays Technology Centre, which provides technological solutions.

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