Barclays to offshore 4,000 investment banking jobs

To Say Goodbye Elke Oerter

Just when we thought banks were done with transferring jobs to lower cost locations....

Blomberg News reports that Barclays plans to move 4,000 more jobs overseas and to lower cost locations by 2015 to save as much as $381m, said Eric Bommensath, co-chief executive officer of corporate and investment banking.

The firm has already shifted 2,000 positions from 2011 to the end of 2012, Bommensath said in a presentation to analysts and investors Friday. The jobs include administration and the management of the firm’s computers and data. Bommensath didn’t provide further details about where the jobs will move to.

'Bringing us more in line with our peers, we will have a greater outsourced and offshore presence', said Bommensath, who became head of the division with Tom King, 52, in May after Rich Ricci stepped down. 'Fewer people in high-cost locations will also help us to rationalize excess office capacity, bringing further savings'.

The Wall Street Journal  reports that Barclays Group CEO Antony Jenkins also told investors on Friday that the resizing of the bank's equities business had 'not impacted on the performance of the business'.

He added, 'I am confident that our investment bank can continue to be one of a small group of successful full-service investment banks'.

Barclays Plans to Move 4,000 Investment-Bank Jobs to Save Money

Barclays to Move 4,000 Jobs to Cheaper Locations (subscriber content)

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