Barclays Plc is planning to move 4,000 jobs to low cost locations overseas by 2015 to cut costs, reports Howard Mustoe of Bloomberg. Britain’s second largest bank’s co-CEO of corporate and investment banking, Eric Bommensath, said that it will generate about 250 million pounds ($381 million) in savings.
Barclays Plc has already shifted more than 2,000 jobs to overseas locations over the past two years. The latest announcement includes jobs in the management and administration of the bank’s data and computers. The bank didn’t provide any details about where these jobs will be moved to.
Barclays Plc appointed Antony Jenkins as its CEO after being fined $450 million in the Libor rate rigging scandal. Jenkins has planned to clean up the bank, eliminating as many as 40,000 jobs over the coming years. He is reducing costs by eliminating layers of management to boost returns. Barclays Plc. booked about 514 million pounds in charges in April this year under the Transform program. Bommensath said that the bank will now have greater offshore and outsourced presence.
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Job Market Monitor 
The Port of Ardersier has created many job opportunities through the oil rigs in and around that location. It offers a great opportunity for offshore wind development as well.
Posted by Donald | July 12, 2013, 3:18 am