UK: Barclays back office revamp sparks concerns over job losses

By Sarah Hollinshead, RFi Group

Barclays have announced the setup of a new internal company responsible for consolidation of back office functions to help save costs. These functions include human resources, marketing, compliance and IT support across the entire business, and are currently spread across 10,000 roles around the globe.

Barclays have not officially stated that there will be job losses, yet Reuters who first reported about the restructure, have said that cuts will be expected.

The trigger to this restructure is the new government regulation ordering the big banks to ring-fence their retail businesses into separate units from the investment banking operations in order to be more resilient against any potential future financial crisis. HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander are expected to announce details about their restructure plans in due course. 

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